TAP Air Portugal. Photo: Shutterstock Air France-KLM has submitted its final proposal to acquire a stake in TAP Air Portugal, aiming to make Lisbon the group's exclusive hub in Southern Europe. According to Air France-KLM's announcement, the offer includes the acquisition of up to 49.9% of the Portuguese airline's shares.
The proposal includes a long-term strategic plan covering all areas of TAP's operations: passenger transport, cargo, loyalty programs, and aircraft maintenance.
The group stated its goal is to support TAP's long-term growth not only in Lisbon but also in Porto and other Portuguese cities. Air France-KLM presented the plan as a move to strengthen the Portuguese airline and enhance the country's connectivity.
The update comes about a month after PassportNews reported that the Portuguese government had yet to choose between Air France-KLM and Lufthansa, initiating another negotiation round to allow both groups to improve their offers. This follows an initial close evaluation of their differing proposals.
On September 30, Parpública, the government-run company managing the process, announced it received improved binding offers from both groups as part of the negotiation phase for selling a 44.9% reference stake in TAP. The government is expected to review the offers and later select one contender for the final negotiation stage.