Deutsche Lufthansa and Air France-KLM have submitted binding offers to acquire a minority stake in Portugal’s national airline TAP SA, according to people familiar with the matter cited by outlets. The bids are part of a process involving the Portuguese government, which is expected to receive an advisory report within the next 30 days. Following receipt of the report, the government may request that potential investors submit improved final bids. The reports indicate the offers are presented as “binding,” meaning they are formal commitments from the companies as the transaction moves through the next stages of review. While details of the bid terms were not provided in the sources shared, both outlets agree on the identity of the bidders and the timetable for the government’s handling of the process. The steps described suggest the government is evaluating the proposals before determining whether to proceed with the current offers or reopen the bidding for revised final terms.