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(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.
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The 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.
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The government plans to sell as much as 49.9% of TAP, with a 5% tranche initially reserved for employees.
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Representatives for Lufthansa and Air France-KLM declined to comment. A representative for the Portuguese government also declined to comment.
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The 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.
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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.
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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.
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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.
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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.
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