Air France-KLM submits final bid for minority stake in TAP Air Portugal

Air France-KLM has made a final offer for up to 49.9 percent of TAP Air Portugal, as Lisbon moves toward picking a buyer for the minority stake.

The proposal covers TAP's passenger and cargo operations, its loyalty programme, and its maintenance, repair and overhaul activities, the group said. Chief executive Benjamin Smith set out the strategy in an open letter. It centres on TAP's Portuguese identity, Lisbon's position as a hub, international connectivity and the airline's workforce. Delta Air Lines and the SkyTeam alliance back the bid. According to the group, the offer is also meant to support TAP's operations beyond Lisbon.

Air France-KLM said its capacity in Portugal is up 44 percent since 2019, and that it has announced a 12 percent increase in capacity in the country for winter 2026. It flies to five Portuguese airports: Lisbon, Porto, Faro, Funchal and Ponta Delgada. In summer, Air France, KLM and Transavia together operate up to 346 weekly frequencies across 26 routes linking Portugal with France, the Netherlands and Belgium.

Lufthansa Group is understood to be the other remaining bidder. Smith said the group's interest in TAP is stronger than ever.

The Portuguese government is seeking to sell a minority stake in the flag carrier.