Portuguese state holding company Parpública confirmed on September 30, 2026 that Air France-KLM and Deutsche Lufthansa had submitted binding proposals in the reprivatization of TAP Air Portugal. The formal process covers a 44.9% stake.
Air France-KLM separately described its offer as covering 44.9% to 49.9% and including a strategic and operational plan. The range reflects a provision reserving up to 5% for employees, while the Portuguese state is expected to retain 50.1%.
Parpública will evaluate the proposals and report to the government. No purchase price or preferred bidder has been announced, so receipt of the final bids is not the same as signing or closing a transaction.
