“The non-binding offer was submitted to Parpublica,” the Franco-Dutch company said in a statement referring to the Portuguese agency that manages state holdings.

German carrier Lufthansa and IAG, the parent company of British Airways and Iberia, have also expressed an interest in investing, with the deadline for bids set for the end of Thursday.

Portugal announced last September it was seeking a major international airline to buy most of the 49.9% stake that it plans to privatise.

TAP was renationalised in 2020 to stem losses from the Covid-19 pandemic and is among the few remaining state-owned carriers in Europe.

International airlines are circling around TAP primarily because of its routes to Brazil and Portuguese-speaking Africa.

“Thanks to its ideal geographical position, Lisbon would become the group’s unique southern European hub,” Air France-KLM said in a statement, adding it would offer “extensive connectivity” to the Americas and Africa.