Two Aviation Giants Step Forward in TAP Air Portugal Sale
Poinews.com – The race to acquire a significant portion of TAP Air Portugal has narrowed considerably after International Airlines Group (IAG), which owns Iberia, withdrew from contention. This leaves only Air France-KLM and Lufthansa competing for the national carrier’s shares. Both aviation groups formally presented their binding offers on Tuesday, closing the third phase of the privatization effort.
Official Confirmation from Parpública
Parpública, the entity responsible for managing Portugal’s state investments, confirmed receipt of the two proposals in an official statement. According to the announcement:
As part of the third stage of the process for the reference sale of 44.9% of TAP’s share capital, PARPÚBLICA, SGPS, S.A. announces that it has received two binding proposals, submitted by the interested parties invited to do so after the conclusion of the second stage of the said transaction, Air France-KLM S.A. and Deutsche Lufthansa AG.
The Portuguese government now has a 30-day window to review all documentation and prepare a comprehensive report. During this period, Parpública retains the authority to seek additional clarifications from either airline. Should further information be requested, the evaluation timeline pauses until the necessary details are supplied.
What the Bids Contain
According to reports from Eco, the submitted proposals already outline the financial commitment for acquiring the 44.5% stake. Beyond the monetary figures, each bidder has included a detailed industrial and strategic roadmap designed to ensure TAP’s long-term viability and growth trajectory.
Following its review of Parpública’s findings, the government may choose to invite one or both candidates to submit a final, definitive offer. This additional step provides flexibility in selecting the most suitable partner for the airline’s future.
Privatization Framework and Timeline
The privatization initiative was relaunched in 2025 under the leadership of Prime Minister Luís Montenegro. Government-approved legislation permits the transfer of up to 49.9% of TAP to private investors while maintaining state majority ownership. Within this portion, 5% is earmarked for employees, though any remaining shares can be purchased by the winning bidder.
Minister for Infrastructure Miguel Pinto Luz has expressed his desire to complete the entire process by September of next year. He has also suggested that the selected investor might begin collaborating with the existing board as early as 2026. However, the substantial capital injection itself is projected for the summer of 2027, approximately one year from now.
