Air France-KLM today marks a new stage in the privatisation process of TAP Air Portugal with the submission of a non-binding offerNBO : Offre Non ContraignanteThe bicephalous company is not the only one courting TAP Air Portugal. Lufthansa had already expressed its interest last November in participating in the privatisation process of the Portuguese company. Following the official announcement by Air France-KLM, the German group has submitted a similar offer.
Il y a longtemps que le Portugal souhaite reprivatiser la compagnie nationale, nationalisée au moment de la crise du Covid en 2020. En juillet dernier, le gouvernement avait annoncé son intention de vendre une participation de 44,9 %. Les analystes évaluent une telle participation à environ 700 millions d’euros. L’État conserverait une majorité de 50,1 %, le reste des actions revenant aux mains des employés.
Air France's proposal
Air France's desire to enter TAP Air Portugal's capital is nothing new. The group had already declared its interest in 2022, even stating at the time that it saw more synergies with TAP than with Italy's ITA.
With this concrete example, Benjamin Smith, CEO of the Air France-KLM group, thus highlighted: " Thanks to its ideal geographical location, Lisbon would become the Group's sole hub in Southern Europe, offering extensive connectivity, particularly to the Americas – including Brazil, which is a key market for TAP and Air France-KLM – as well as to Africa. TAP would thus benefit from its integration into a global commercial organisation comprising Air France, KLM and Transavia, as well as close relationships with Delta Air Lines and Virgin Atlantic, Air France-KLM's partners within a transatlantic joint venture. This would allow TAP to realise its vision of "Embracing the World". With TAP and Air France-KLM's networks being largely complementary, Portugal as a whole would benefit from enhanced air connectivity."
Air France-KLM's unique approach to consolidation is based on cooperation within a clear framework, designed to maximise economic and operational synergies. This model would allow TAP to fully benefit from its integration within the Franco-Dutch group. The economies of scale and global presence that the airline would enjoy would strengthen its competitiveness. This cooperation would extend to all business areas and include a dedicated pillar for decarbonisation, a strategic priority for Air France-KLM.
Air France-KLM has a strong track record of developing and leveraging historic brands - with not only its two historic entities but also with SAS.
The group intends to enable TAP to remain true to its Portuguese heritage, making its identity a global asset. Air France-KLM thus wishes to strengthen TAP's sustainable growth and regional development, while preserving the connectivity of the Portuguese diaspora, in line with the requirements of the Portuguese government.
A decision in the second half of 2026
Air France-KLM also has extensive experience of co-operating with state shareholders and views such partnerships as an acknowledgement of the strategic importance of aviation for a nation.
The non-binding offer was submitted to the state-owned holding company Parpública, which is managing the tender process, on 2 April 2026. It confirms the Group's sustained and continued interest in TAP. Lufthansa did the same on this 2 April. In contrast, IAG (British Airways/Iberia), which was at one point interested in a minority stake in the Portuguese airline, has ultimately withdrawn its bid for capital. IAG states it prefers to consolidate and expand its own brands.
The next stage of the process gives the state holding company Parpublica 30 days to prepare a report for the government assessing the merits of the various proposals. It will then select the most appropriate non-binding offers and invite these bidders to submit binding offers within 90 days. The privatisation is expected to be finalised in the second half of 2026.
