Parpública delivered to the Portuguese Government, on September 1, the evaluation report of the binding proposals submitted by Air France-KLM and Lufthansa to purchase 44.9% of TAP. The two companies submitted their offers on July 29, the last day of the deadline established for the reprivatization process of the Portuguese airline.
The process foresees the sale of up to 49.9% of TAP's capital, with 5% reserved for workers. The proposals must include the financial and strategic terms for entry into the company's capital, with evaluation of the planned investment, fleet development, focus on areas such as maintenance and sustainable fuels, as well as compliance with labor commitments. The final decision will still depend on approval by the Council of Ministers and clearance from European competition authorities.
The International Airlines Group (IAG), owner of Iberia and British Airways, was the only candidate to withdraw from the process, justifying the withdrawal with the priority given to other strategic opportunities and with the fact that the Portuguese model only foresees the sale of a minority stake. Currently, two competing proposals remain: Air France-KLM, which highlights its experience in relations with state shareholders and its multi-hub strategy, and Lufthansa, which advocates growth in the Brazilian market, expansion of the Lisbon hub, and reinforcement of operations in Porto, admitting it would acquire a minority stake but intending to ensure influence in executive management.
The Portuguese Government requires guarantees regarding the maintenance of the TAP brand, headquarters in Portugal, the Lisbon hub, and routes considered strategic. The privatization does not cover holdings in the handling and catering sectors, nor the real estate assets known as the "TAP stronghold." The executive also maintains the possibility of canceling the process at any stage, without entitlement to compensation for interested parties, should it consider that the proposals do not safeguard the country's strategic interest.
