IAG International Airlines Group has not submitted a bid for up to 49.9% in TAP Air Portugal (TP, Lisbon) by the April 2, 2026, deadline, leaving Lufthansa Group and Air France-KLM in the race as the only interested parties.
While the Anglo-Spanish holding did not issue a statement, multiple news agencies, including Bloomberg and EFE, reported that sources confirmed the bid was not submitted. IAG previously expressed concern about the lack of a clear path to majority ownership, something that the group considered essential in the long term.
Meanwhile, both Air France-KLM and Lufthansa Group confirmed they submitted binding offers by the deadline.
Lufthansa Group chief commercial officer Dieter Vranckx told ch-aviation earlier this week that the group was interested in TAP, despite the ongoing integration of recent acquisition, ITA Airways. The German holding expects that it will have taken up a majority share in the Italian airline before the integration of TAP begins, should its bid be successful.
"TAP is a natural fit within Air France-KLM’s multi-hub strategy, and our ambition is to strengthen the operations at Lisbon while developing connectivity in other cities across the country including Porto,” Air France-KLM CEO Benjamin Smith told Bloomberg.
The Portuguese government plans to retain a 50.1% stake in TAP. In the first tranche of privatisation, a 5% stake will be reserved for employees, and the private investor will be able to get a 44.9% stake. This can increase if the employees' allotment is not fully taken up. As one of the conditions for the privatisation, the government expects the new co-owner to keep the TAP brand and the Lisbon hub.
