Lufthansa and Air France-KLM submit binding bids for 49.9% stake in TAP Air Portugal

Lufthansa and Air France-KLM have submitted formal offers to acquire a minority stake in Portugal's state-owned airline, TAP. The Portuguese government intends to privatize up to 49.9% of the carrier, including a 5% allocation for employees, marking a significant consolidation move in the European aviation sector.