TAP is in the process of being privatised, with Thursday, 2 April, being the last day to submit non-binding bids to take a minority stake in TAP. The Air France-KLM group is the first company to confirm that it has made a proposal to acquire a minority stake in TAP, having submitted its non-binding proposal on Thursday, 2 April. Air France-KLM, which has extensive experience working with state shareholders, outlined its strategic vision for TAP in its proposal.
The company stated it will not jeopardise the maintenance of the Lisbon operational centre and aims to strengthen operations in Lisbon while developing connectivity in other Portuguese cities like Porto. According to Air France-KLM, Lisbon could become the group's only hub in southern Europe, offering extensive connectivity to the Americas and Africa. The group favours cooperation within a clear framework designed to maximise economic and operational synergies, and it has a clear track record in preserving and growing historic brands, aiming to enable TAP to remain true to its Portuguese heritage.
We believe that this partnership experience is a testimony to the strategic importance of aviation for a nation.
Other potential bidders include Lufthansa and IAG, with the Portuguese government expecting offers from them. Lufthansa has guaranteed that it will not give up on TAP and has confirmed it will submit a non-binding proposal, arguing it is the partner with the greatest capacity to develop TAP. However, doubts persist about IAG's interest after reports by Bloomberg that the group may not proceed with a bid.
The specific terms or valuation of Air France-KLM's proposal remain unclear, and it is unknown whether IAG will submit a bid for TAP.
Thanks to its ideal geographical position, Lisbon could become the Group's only hub in southern Europe, offering extensive connectivity to the Americas - including Brazil, a key market for TAP and Air France-KLM, as well as to Africa.
This model would allow TAP to fully benefit from a smooth integration into a larger, robust group with economies of scale and a global reach, strengthening its competitiveness. This cooperation would extend to all business areas and include a focus on decarbonisation - a key strategic priority for Air France-KLM.
This would reinforce TAP's sustainable growth and regional development in Portugal.