Air France-KLM and Lufthansa have submitted binding offers to acquire a 44.5% stake in TAP Air Portugal, marking a decisive step in the privatization process for the Portuguese flag carrier.
Parpública, the state-owned company managing government shareholdings, confirmed the submissions in a statement on Wednesday, signaling that the competition for control of the airline has entered its final phase.
The government is now expected to receive an evaluation report within 30 days.
Officials may subsequently invite the bidders to submit improved final offers before making a selection.
This timeline suggests the deal could be concluded in the coming months, providing clarity on the strategic direction of TAP after years of state ownership and restructuring.
The move reflects a broader trend of consolidation and foreign investment in European aviation, as legacy carriers seek to strengthen their network positions and operational synergies.