October 1, 2026 — The race to buy into TAP Air Portugal (TP) is down to two. Air France-KLM and Lufthansa both handed in final, improved bids on Wednesday, September 30, and Portugal’s government now has 15 days to weigh them.
What’s on offer
- Stake: 44.9% of TAP’s share capital goes to the winning investor. Another 5% is reserved for TAP employees; any part employees don’t take up can go to the buyer.
- Air France-KLM’s pitch: Make Lisbon the group’s exclusive southern European hub, grow beyond Lisbon to Porto and other Portuguese cities, and cover passenger, cargo, loyalty and maintenance. The bid is publicly backed by Delta Air Lines and the SkyTeam alliance. CEO Benjamin Smith said interest in TAP “is stronger than ever.”
- Lufthansa’s pitch: Its record of developing the network airlines it already owns.
How the decision is made
| Step | Timing |
|---|---|
| Final bids submitted | September 30, 2026 |
| Government evaluation window | 15 days (decision date TBA) |
| Council of Ministers approval | TBA |
| EU competition clearance | TBA |
Bids will be judged on investment, fleet plans, maintenance commitments, sustainable fuel and how each buyer will honor labor obligations. State holding company Parpública will prepare a report comparing the two offers with the July versions.
What it means for non-revs
- Nothing changes yet. TAP’s pass, ZED and interline arrangements stay as they are while the sale works through government and EU approval.
- The winner matters for partner travel. Air France-KLM and Lufthansa sit in different alliances, and AF-KLM’s bid has Delta and SkyTeam behind it. Over time, TAP’s partners, codeshares and staff-travel agreements could shift toward whichever group wins.
- TAP employees: The 5% employee share offer is part of the deal; details on how staff can buy in are TBA.
