Lufthansa and Air France-KLM submit bids for TAP stake

Two of Europe's largest airline groups have formally entered the final stage of a high-stakes competition to acquire a strategic stake in Portugal's national carrier, TAP Air Portugal. Deutsche Lufthansa AG and Air France-KLM each submitted binding offers for a minority stake in the airline on Wednesday, July 29, 2026, according to statements from the companies and the Portuguese state investment company, Parpública.

The Portuguese government is seeking a strategic partner to purchase a significant shareholding, with the sale process targeting a 44.9% stake, though the state retains the option to sell up to 49.9%. A 5% portion of this is initially reserved for employee ownership. The process, relaunched by the government in July 2025, narrowed to these two bidders after International Airlines Group (IAG) withdrew earlier this year.

Both airline groups emphasized their intent to develop Lisbon into a major southern European hub. Lufthansa stated its goal is to strengthen TAP as the leading airline for the South Atlantic, integrating it into its existing network which includes SWISS, Austrian Airlines, Brussels Airlines, and ITA Airways. Similarly, Air France-KLM said acquiring...