- Portugal has advanced bids from Air France-KLM and Lufthansa for a minority stake in TAP.
- State holding company Parpublica has recommended both non-binding offers proceed.
- The bids have targeted a stake in the Portuguese flag carrier.
- TAP has operated strong networks to the Americas and Africa.
- The privatisation process includes a 5pc tranche reserved for employees.
Portugal has advanced competing bids from Air France-KLM and Deutsche Lufthansa to buy a minority stake in flag carrier TAP. State holding company Parpublica has recommended that both non-binding offers proceed to the next stage. The bids have targeted a minority share in the airline.
Air France-KLM and Lufthansa have submitted offers for the stake in TAP. The process has formed part of the privatisation of the Portuguese carrier. TAP has maintained strong networks to the Americas and Africa.
The government is prepared to sell as much as 49.9pc of the flag carrier with a 5pc tranche reserved for employees. Both airline groups have expressed continued interest in the opportunity. The selection of a preferred minority investor has also been moved forward.
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