Portugal Requests Improved TAP Bids from Air France‑KLM and Lufthansa
Portugal’s government, represented by Cabinet Minister Antonio Leitao Amaro, announced on 4 September 2026 that it has asked Air France‑KLM and Lufthansa to improve their offers for a minority stake in TAP Air Portugal. Both airline groups submitted binding offers in July to acquire a 44.9% stake in TAP and become its strategic partner. The state holding company Parpublica provided an assessment of the offers on Tuesday, noting that while the content of the proposals differed, they were broadly similar overall. Consequently, the government has opened a final round of negotiations expected to last a few weeks, during which the bidders are expected to enhance their proposals. The privatization of TAP, revived in July 2025, seeks a strategic airline investor capable of expanding the carrier’s international reach and competitiveness. An additional 5% of TAP’s equity is set aside for employee allocation, and the winning bidder will retain the option to acquire any shares not taken up by staff.