Competition to become a strategic shareholder in TAP Air Portugal has intensified after both Lufthansa Group and Air France-KLM confirmed they have submitted bids to Parpública, Portugal’s state-owned investment company, as part of the ongoing privatisation process for the flag carrier.
Lufthansa Group announced it has submitted a bid for an initial minority stake in TAP, saying the investment is intended to establish a long-term partnership that would secure the Portuguese airline’s future on a sustainable basis.
The German airline group said it aims to strengthen TAP’s position within the Lufthansa Group while preserving its role as Portugal’s national airline and further developing Lisbon as a strategic hub for South Atlantic operations.
“The Lufthansa Group stands for a long-standing, trusted, and strategic partnership with Portugal,” said Lufthansa Group CEO Carsten Spohr. “Our interest in taking a stake in our Star Alliance partner TAP Air Portugal is the next logical step.”
Spohr said the group has invested in Portugal for decades, creating skilled jobs and improving connectivity between Portugal and the rest of Europe. He added that Lufthansa’s experience integrating carriers such as SWISS, Austrian Airlines, Brussels Airlines and ITA Airways demonstrates how joining the group can support growth while strengthening national airlines and their home hubs.
Meanwhile, Air France-KLM confirmed it has submitted a binding offer for a stake of between 44.9% and 49.9% in TAP Air Portugal, describing the proposal as a comprehensive strategic plan designed to strengthen the airline while creating jobs and economic value across Portugal.
The Franco-Dutch airline group said its proposal includes detailed projections for employment and investment and is backed by its long-standing joint venture partner and shareholder Delta Air Lines (Delta). Delta said its support reflects a shared ambition to strengthen Portugal’s global connectivity, particularly across the North Atlantic, should TAP become part of the Air France-KLM Group.
Air France-KLM CEO Benjamin Smith said the offer is the culmination of three years of work with Portuguese stakeholders.
“What we have submitted today is not just a proposed price for an airline,” Smith said. “It is a strategic, extensive, and comprehensive long-term plan for TAP and for Portugal as a whole.”
He added that the group’s vision is to build on TAP’s 81-year history while ensuring sustainable long-term growth not only in Lisbon but also in Porto and other Portuguese cities. Smith said the acquisition would also support Air France-KLM’s ambition to create a stronger European aviation group while contributing to European strategic autonomy.
The Portuguese government is seeking a strategic investor for TAP Air Portugal through a privatisation process that has attracted interest from Europe’s three largest airline groups, with Lufthansa Group and Air France-KLM now formally confirming their participation. The outcome is expected to shape the future ownership and strategic direction of the Star Alliance carrier, which occupies a key position in transatlantic and South Atlantic markets.
