TAP privatisation: Portuguese government opens talks with Air France-KLM and Lufthansa
The deal, which could be finalised soon, involves selling up to 49.9% of TAP's share capital, with 5% of the stake reserved for employees.
Portugal's government has asked Air France-KLM and Lufthansa to strengthen their bids for a minority share in state-owned airline TAP, according to a report by Investing.com. The request comes after the government deemed the initial offers from the two European carriers too similar, making it difficult to choose a winner, stated Cabinet Minister Antonio Leitao Amaro during a press conference.
Both Air France-KLM and Lufthansa submitted binding bids in July to acquire a 44.9% stake in TAP and become the airline's strategic partner. The government received an assessment of the bids from state holding company Parpublica on Tuesday, and decided to initiate a final negotiation phase lasting a few weeks, during which it anticipates the bidders to enhance their proposals.
The government envisions a strategic partner capable of expanding TAP's international presence and competitiveness. A separate 5% stake is reserved for employees, with the successful bidder retaining the option to purchase any unsold shares.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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