The decision on the sale of 44.9% of TAP will be made after October 8, the date when the State Budget is delivered to Parliament. The Government confirmed to the Economic Journal that the winner of the privatization tender will be announced in mid-October, following the submission of revised final proposals by Air France-KLM and Lufthansa, and a new evaluation report by Parpública.
The Minister of the Presidency, António Leitão Amaro, explained that the binding proposals from the two competitors present an overall evaluation so close that it justifies an additional period of final negotiation with both, for several weeks, to obtain improved proposals. The Government did not reveal what the specific requirements are in the bilateral negotiations, arguing that this information is of interest to the two competitors.
Air France-KLM is preferred by TAP's unions, as both Air France and KLM have the State as a shareholder and greater experience in managing with public shareholders. On the other hand, Lufthansa belongs to Star Alliance, the same alliance as TAP, which allows for greater operational synergies and value creation. The reported values for the 44.9% of TAP range between 876 million and 933 million euros.
Leitão Amaro highlighted that the price is an important criterion, but not the only one, since the tender specifications provide for an overall evaluation of the proposals. Among the factors to be considered are Portugal's strategic interests, namely air routes, the connection to the diaspora, and the industrial project associated with the company. The minister refused to detail the composition of the board of directors, stating that the Council of Ministers has not made any decision on this matter.
