Portugal’s Finance Ministry announced that it has received an evaluation from the state holding company Parpublica of the competing binding offers submitted by Air France‑KLM and Lufthansa for a minority stake in the national carrier TAP. The ministry said it will review the assessment and later announce its position, but provided no details of the evaluation.
The privatization of TAP was restarted in July 2025, with the government seeking a strategic investor to acquire a 44.9% share. The authorities intend to complete the transaction within the current calendar year. After reviewing Parpublica’s assessment, the government may either select a winning bid outright or open a negotiation phase that would allow one or both bidders to submit improved final offers.
The decision, according to the ministry, will not be based solely on price; it will also consider which bidder can best expand TAP’s international presence and enhance its competitiveness. Both airlines lodged binding bids in July, each accompanied by strategic industrial plans and financial proposals, though neither the government nor the carriers disclosed the specific terms.
TAP’s principal value lies in its airport slots that link its Lisbon hub with Brazil, Portuguese‑speaking African nations, and the United States—routes that serve Portugal’s diaspora, tourism, and investment flows. Air France‑KLM indicated that, if selected, Lisbon would become its only hub in southern Europe. Lufthansa, on the other hand, pledged to reinforce Lisbon’s role as an Atlantic hub, drawing on its experience developing SWISS, Austrian Airlines, Brussels Airlines, and ITA Airways.
Bernstein analysts estimated the 44.9% stake to be worth approximately €700 million, which suggests a total valuation for TAP of around €1.5 billion. The actual monetary values of the bids were not disclosed.