Air France‑KLM and Lufthansa submit final bids for 44.9% of TAP

Based on · First reported 3 Oct 2026

Air France‑KLM and Lufthansa presented final, binding proposals to acquire a 44.9% stake in TAP Air Portugal on 30 September, with the offers addressed to the state holding Parpública.
The bids total more than €1 billion, valuing TAP at over €2 billion, while Portugal will retain a 50.1% share and set aside 5% for employees; IAG withdrew before submitting a non‑binding offer, leaving the two carriers as the only finalists. Air France‑KLM said it will preserve TAP’s Portuguese identity and develop Lisbon as its sole southern‑Europe hub, supporting expanded North‑America connectivity through SkyTeam, and Lufthansa highlighted its experience running multiple network carriers with distinct brands and hubs.

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