What happened
Portugal's government is moving forward with the privatization of national carrier TAP Air Portugal, aiming to sell a 44.9% stake with the possibility of a majority stake later. Two major airline groups, Air France-KLM and Lufthansa Group, have submitted non-binding offers and are now invited to make binding offers. The government will retain 50.1% ownership, while employees will receive a 5% stake. The goal is to complete the sale within a year, potentially involving non-EU airlines. TAP's strategic value lies in its strong network to Brazil, Africa, and the US, which offers synergies for potential acquirers. Regulatory approval remains a key hurdle