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Alan Wilson
Earlier on Thursday, reports indicated that Air France-KLM had made a proposal for a share in the airline, which is in the process of being privatized.
The government aims to sell 49.9% of TAP, allocating 44.9% to private investors and 5% to employees of the company. A condition of the agreement is to keep TAP's primary hub in Lisbon.
Earlier reports indicated that the aviation group IAG had shown interest in being involved in the privatization of TAP. Media sources later indicated that the firm would probably drop these intentions, since obtaining just a minority share does not fit its strategy.
Once initial offers are assessed, the government will create a shortlist of bidders, granting them 90 days to present binding proposals. Prior to reaching a conclusive decision, the government might engage in negotiations with one or several bidders.
TAP was established in 1945 and has strong ties to Brazil, Africa, Canada, and the United States. The fleet comprises 102 aircraft (mainly Airbus), with 92 currently in operation.
Portuguese officials hold the view that TAP should integrate into a larger corporation. They think this will enable it to expand its operations and secure its future in the long run.
source: bloomberg.com
The government aims to sell 49.9% of TAP, allocating 44.9% to private investors and 5% to employees of the company. A condition of the agreement is to keep TAP's primary hub in Lisbon.
Earlier reports indicated that the aviation group IAG had shown interest in being involved in the privatization of TAP. Media sources later indicated that the firm would probably drop these intentions, since obtaining just a minority share does not fit its strategy.
Once initial offers are assessed, the government will create a shortlist of bidders, granting them 90 days to present binding proposals. Prior to reaching a conclusive decision, the government might engage in negotiations with one or several bidders.
TAP was established in 1945 and has strong ties to Brazil, Africa, Canada, and the United States. The fleet comprises 102 aircraft (mainly Airbus), with 92 currently in operation.
Portuguese officials hold the view that TAP should integrate into a larger corporation. They think this will enable it to expand its operations and secure its future in the long run.
source: bloomberg.com
