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

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.