Aviation giants in bidding war for Portuguese airline TAP

The non-binding bids come after the Portuguese government decided to sell up to 49.9 percent of the airline, with 5 percent of the shares primarily reserved for employees.

Late last year, Air France-KLM, Lufthansa, and British Airways owner IAG were invited to submit preliminary bids for TAP. The deadline for submitting bids is 6 p.m. local time in Sweden.

Air France-KLM became a major shareholder in SAS in 2023.