Air France-KLM and Lufthansa submit binding bids to buy Portugal's TAP
Air France-KLM and Lufthansa have submitted binding bids to acquire Portugal's flag carrier TAP. The government is expected to receive the evaluation report within 30 days and may ask investors to submit improved final offers.
The privatization process for Portugal's state-backed flag carrier TAP has entered a new phase, with the Franco-Dutch Air France-KLM group and Germany's Lufthansa both submitting binding bids to acquire the airline. The rivalry between the two aviation giants is the latest sign of consolidation sweeping Europe's airline sector.
Portugal's government has formed a commission to evaluate the bids, with the process expected to conclude within 30 days. Officials said they may ask investors to submit improved final offers after the initial assessment.
Winning control of TAP would give the successful bidder access to a strategic flight network linking Europe with Brazil and Portuguese-speaking African countries. Analysts say the outcome of the deal could reshape the balance of power in Europe's airline market.
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