IAG, the owner of Iberia and British Airways, has announced it will not submit a non-binding bid for TAP, effectively withdrawing from the process. An official source told Lusa that after careful consideration, IAG decided it was not in the best interest of its shareholders to pursue a stake in TAP, choosing instead to prioritise growth opportunities within its existing brands and asset-light developments. The race for TAP's privatisation now continues between Air France-KLM and Lufthansa, as IAG confirmed that its strategy requires a path to full ownership, which the current sale of a minority stake does not provide.