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The Portuguese government plans to sell up to 44.9% of TAP's shares, while the remaining 5% will be given to the airline's employees. Investors are submitting their bids until November 22.
Certain conditions must be met for the sale to proceed. These include the buyer generating annual revenue of at least €5 billion and keeping TAP's main hub in Lisbon. Ben Smith stated that Air France-KLM aims to keep the TAP brand, maintain the Lisbon hub, and invest in expanding the airline's network of routes.
Earlier reports suggested that Lufthansa and IAG might also be looking at buying a minority stake. Bernstein analyst Alex Irving believes IAG is the best fit for TAP, as the group has a weaker position in Brazil, which is one of TAP's major markets.
By the end of 2024, TAP is expected to carry 16 million passengers, an increase of 1.6% compared to the previous year. TAP has been profitable since 2022.
source: bloomberg.com
Certain conditions must be met for the sale to proceed. These include the buyer generating annual revenue of at least €5 billion and keeping TAP's main hub in Lisbon. Ben Smith stated that Air France-KLM aims to keep the TAP brand, maintain the Lisbon hub, and invest in expanding the airline's network of routes.
Earlier reports suggested that Lufthansa and IAG might also be looking at buying a minority stake. Bernstein analyst Alex Irving believes IAG is the best fit for TAP, as the group has a weaker position in Brazil, which is one of TAP's major markets.
By the end of 2024, TAP is expected to carry 16 million passengers, an increase of 1.6% compared to the previous year. TAP has been profitable since 2022.
source: bloomberg.com
