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Portugal Pushes Air France-KLM, Lufthansa for Improved Bids on TAP Stake
The Portuguese government has launched a final round of negotiations for the sale of a minority stake in its flag carrier, TAP, after initial bids from Air France-KLM and Lufthansa were deemed too close to differentiate. Lisbon is now asking both European airline giants to improve their offers for the state-owned airline.
Bids Deemed Too Similar
Cabinet Minister Antonio Leitao Amaro announced the decision at a news briefing on Friday, stating that the government found the two binding offers to be "broadly similar overall." This assessment followed a review by the state holding company Parpublica of the proposals submitted in July.
According to Leitao Amaro, while the offers from Air France-KLM (EPA:AIRF) and Deutsche Lufthansa AG (ETR:LHAG) differed in their specific content, their overall value was comparable. This prompted the government to initiate a final negotiation phase, expected to last a few weeks, to seek more advantageous terms.
Details of the Privatization
AdPortugal revived the long-delayed privatization of TAP in July 2025, putting a significant stake in the national airline up for sale. The government's objective is to secure a strategic airline investor capable of expanding TAP's international network and enhancing its competitiveness.
The key terms of the deal include:
- A 44.9% stake in the airline offered to the winning bidder.
- An additional 5% stake reserved for the carrier's employees.
- An option for the strategic partner to acquire any shares not taken up by the staff.
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