Airlines, led by Turkish Airlines, are honing in on Air Europa, while Air France-KLM and Lufthansa shift their attention to TAP.
In a significant development in the aviation industry, Air France-KLM and Lufthansa have expressed interest in investing in TAP Air Portugal, the Portuguese national carrier, as part of its ongoing privatization process. However, as of August 2025, neither airline group has completed an actual investment yet.
The Portuguese government has authorized the sale of up to 49.9% of TAP shares to external investors, with 44.9% going to investors and 5% to employees, while retaining a majority state stake. Both Air France-KLM and Lufthansa have declared their intentions to participate in the privatization, following their strategies of gradually acquiring stakes in other airlines.
Air France-KLM, with its prior acquisition of stakes in Scandinavian Airlines (SAS), has formally declared its intention to bid once the terms are finalized. Lufthansa, which has expanded its European portfolio with acquisitions of ITA Airways and airBaltic, has held preliminary talks with the Portuguese government about a possible stake in TAP.
Both groups see TAP’s strategic value mainly in its positioning and routes to South America. While Lufthansa focuses more on expanding its European network, Air France-KLM aims to strengthen its European presence.
It is important to note that the decision by Air France-KLM and Lufthansa does not affect their ongoing operations or partnerships with TAP. The exact nature of the investment by these two airline giants in TAP is not specified in the article. It is also unclear whether this decision has any implications for the ownership structure of TAP.
The privatization process is ongoing and competitive among European airline groups, with International Airlines Group (IAG) also being a major competitor targeting TAP. As of now, neither Air France-KLM nor Lufthansa has finalized an investment in TAP Air Portugal.
Angel Luis de la Calle, the Madrid Correspondent, reports this development in the aviation industry, underscoring the strategic importance of TAP Air Portugal for the participating airline groups.
References: 1. Portugal to sell up to 49.9% of TAP Air Portugal in privatization process 2. Air France-KLM, Lufthansa eye stakes in TAP Air Portugal - sources 3. Lufthansa in talks with Portugal over TAP Air Portugal stake - sources 4. TAP Air Portugal privatization: What you need to know 5. TAP Air Portugal privatization: What's next?
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