Portugal to pick TAP buyer by mid-October, awaits improved bids

By Reuters News

LISBON, Sept 28 (Reuters) - Portugal expects to pick a winning bidder in the partial privatisation of flag carrier TAP by mid-October, Infrastructure Minister Miguel Pinto Luz said on Monday, as the government awaits improved offers from Air France-KLM and Lufthansa.

  • The two airline groups were invited earlier this month to improve their offers after submitting undisclosed binding bids in July for a 44.9% stake in TAP.

  • Speaking at a tourism conference, Pinto Luz said "the two bidders will submit improved offers by Wednesday".

  • State holding company Parpublica will then have around 15 days to assess the proposals and prepare a report for the government.

  • "By mid-October, the government will announce its decision," he said.

  • Under the privatisation terms, a further 5% stake has been set aside for employees, while the winning bidder would have the option to acquire any shares not taken up by staff.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.
The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.
To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.
 

Cryptocurrency-related content is intended solely as news and market commentary. Crypto Derivatives are not available to Retail clients registered with Capital Com (UK) Ltd.