Air France-KLM included in its binding proposal for the acquisition of 44.9% of TAP the possibility of the Portuguese State receiving, totally or partially, shares of the buying group as consideration. This option would allow the State to exchange part or the total value of the sale for a stake in Air France-KLM, which it could then sell on the stock exchange or hold, betting on potential appreciation. Lufthansa does not include this alternative in its proposal.
The proposals from both groups were considered globally very close by the Government of Luís Montenegro, which led to the opening of a phase of bilateral negotiations with both companies. The executive may require that the consideration for the sale be made exclusively in cash. Air France-KLM has experience in coexisting with States in its capital, given that the French and Dutch governments are shareholders of the group.
Negotiations run until the end of September, followed by the presentation of revised final proposals and a new evaluation by Parpública. The winner of the privatization should be known in mid-October, after the delivery of the State Budget proposal for 2027 to Parliament, expected by October 10.
