The three large airline groups of Europe – Lufthansa, IAG and Air France-KLM – have all submitted bids to acquire a stake in TAP Air Portugal. In the second round of bids that need to be submitted by April 2026, IAG hopes to be a little more ambitious. It does not want a simple minority stake in the carrier, but rather full or majority ownership.
This was first hinted at by the group’s Chief Financial Officer Nicholas Cadbury in December 2025. This is now expected to materialise in more concrete terms, as the company approaches the Portuguese government for clarity on whether that might be possible. The government has previously been unwilling to sell that much of TAP Air Portugal – hence why it offered 49% of the company to the market.
Credit: Dillon Shah
