Lufthansa, Air France-KLM Submit Binding Bids for Portugal’s TAP

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessLufthansa, Air France-KLM Submit Binding Bids for Portugal's TAPDeutsche Lufthansa AG and Air France-KLM submitted binding offers for a minority stake in Portugal’s TAP SA, according to people familiar with the matter.Author of the article:Henrique Almeida, Albertina Torsoli and Sonja Wind You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Deutsche Lufthansa AG and Air France-KLM submitted binding offers for a minority stake in Portugal’s TAP SA, according to people familiar with the matter.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe bids for one of Europe’s last mid-sized airlines still on the market were lodged on Wednesday, the final day of the deadline, said the people, who asked not to be identified because the process is private.The government plans to sell as much as 49.9% of TAP, with a 5% tranche initially reserved for employees.Representatives for Lufthansa and Air France-KLM declined to comment. A representative for the Portuguese government also declined to comment.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe offers move the process into its next phase, with the government expected to evaluate the proposals before deciding to pick a final bidder by early September, Infrastructure Minister Miguel Pinto Luz said on June 16.TAP is considered attractive because of its extensive routes to Brazil and Africa, as well as the US and Canada. Buying a stake would help either Lufthansa or Air France-KLM strengthen their networks across the Atlantic and expand its presence in southern Europe.Portuguese officials have argued that TAP, founded in 1945, needs to become part of a larger airline group to gain scale and secure its long-term future. The carrier has a fleet of 104 Airbus aircraft, according to its website.Both bidders have enlarged their regional holdings over the years. Lufthansa most recently added ITA Airways to its stable of divisions, which also include Swiss, Austrian and Brussels Airlines. Air France-KLM owns a stake in Scandinavia’s SAS. Whoever emerges on top will have to adhere to a list of requirements, which include retaining Lisbon as a hub and commitments on investment, connectivity and growth.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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