Air France (AF FP) reportedly willing to offer Portugal a stake in the airline group as part of its bid for TAP

Air France-KLM is one of several European groups that have periodically circled TAP, attracted by its Brazil and Lusophone network, and competing bids from other consolidators have surfaced in past sale processes. The structure of the offer matters more than the headline: a residual state stake changes governance, slot and route treatment, and any future exit mechanics. Prior TAP privatisation attempts have stalled or been reversed over precisely these terms, so the signal is that the process is live rather than that a transaction is near. Worth observing is whether the government responds favourably to the structure, how rival bidders counter, and where regulatory and competition review would bite on overlapping European and South Atlantic routes.