Lufthansa, Air France-KLM Submit Bids for Portugal’s TAP (2)

Deutsche Lufthansa AG and Air France-KLM submitted bids for a stake in TAP SA, the Portuguese airline that would help strengthen their networks to the Americas and Africa.

The nonbinding offers by two of Europe’s biggest airline groups were lodged Thursday before the 5 p.m. deadline. The government is ready to sell as much as 49.9% of the flag carrier, with a 5% tranche first reserved for employees.

Lufthansa submitted its bid in the afternoon, hours after Air France-KLM made its offer. Neither airline group specified their terms. IAG SA, the owner of British Airways, declined to ...