Lufthansa Group and International Airlines Group have formally expressed interest in participating as bidders for a minority stake in TAP Air Portugal. The rival Air France-KLM Group has also entered the fray. The deadline for bids is November 22, 2025. As part of the privatization process, the government aims to sell a non-controlling stake of 49.9% in the carrier. Lufthansa highlighted its commitment to preserving TAP’s Portuguese identity and ensuring sustainable growth. IAG emphasized its decentralized model delivering industry-leading margins. The process is expected to be concluded by early 2026.