Air France-KLM, Lufthansa Bids Advance in Race for TAP Stake

Portugal has invited Air France-KLM and Deutsche Lufthansa AG to submit binding bids for a minority stake in TAP SA, setting up a contest for one of Europe’s last remaining state-owned airlines.

The government backed a proposal by state holding company Parpública, which manages its stake in TAP, to advance both initial offers to the next stage after they met “all the criteria,” Infrastructure Minister Miguel Pinto Luz said at a press conference in Lisbon on Thursday, noting the requirement to maintain the hub in Portugal.