TAP: final bids from Air France-KLM and Lufthansa have been submitted
Air France-KLM and Lufthansa submitted their final bids on Wednesday to buy a 44.9% stake in TAP, closing the bidding phase and leaving the decision to the government.
Air France-KLM and Lufthansa have submitted their final bids for the privatisation of 44.9% of TAP’s share capital, as announced by Parpública on Wednesday. The state shareholding manager will now evaluate the improvements put forward by the two candidates and present a descriptive report to the relevant government ministers. The final bids outline the financial and strategic terms for acquiring a stake in the Portuguese airline, with factors such as investment, fleet development, maintenance commitments, and labour obligations being assessed.
Air France-KLM CEO Benjamin Smith emphasized the group's strong and continued interest in TAP Air Portugal, stating that their revised proposal is the best way forward for the airline, its management, employees, customers, and Portugal. The proposal is an ambitious long-term strategic plan that aims to better position TAP for the future and safeguard Portugal's connectivity and sovereignty.
Lufthansa highlighted its proposal, emphasizing its proven track record in developing network airlines and its belief that it is the best partner to support TAP’s future growth, enhance competitiveness, and continue TAP's role as Portugal's flag carrier. The process includes an optional negotiating phase for bid improvements before the investor is chosen, with the final decision involving approval by the Council of Ministers and approval from European competition authorities.
The sale also includes 5% of shares reserved for employees, with the remaining stake open to acquisition by the selected investor.
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