Air France-KLM to submit its proposal to buy 45% of Portugal's TAP [Yahoo! Finance]
INTL CONSL AIRLNS S/ADR (ICAGY)
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Source: Yahoo! Finance
CEO Ben Smith made the announcement during a press conference to present the firm's quarterly results. The Portuguese government confirmed nearly two years ago, in September 2023, that it intended to privatise part of TAP. Speaking during the presentation of Air France-KLM's third-quarter results, Smith acknowledged the group's interest in TAP, as reported by Portuguese news site Dinheiro Vivo. Air France-KLM had already signalled interest earlier this year, alongside British Airways owner IAG. Under government rules, parties interested in the stake must submit their proposals by 22 November via email to Parpública, the body responsible for managing state shareholdings. In July, the government approved the law outlining TAP's privatisation. Under the terms, the state will retain 50.1% of the airline's capital and the remaining 49.9% will be sold, with 44.9% allocated to a private investor and 5% reserved for employees. Related Turbulent schedule: Which airlines suffered t
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