Air TransportAir France-KLM confirms interest in TAP privatization, targeting up to 44.9% stake
Air France-KLM confirmed its intention to participate in the partial privatization of TAP Air Portugal before the end of November, as disclosed during its third-quarter results presentation in Paris.
Benjamin Smith, Air France-KLM group CEO, stated the group has a clear intention to take part in the next phase of the process initiated by the Portuguese government. “We will present our formal letter of expression of interest at the end of this month,” Smith said.
The Portuguese government has approved legislation regulating TAP’s privatization, which will see the state retaining a 50.1% stake, with up to 44.9% available to a private investor and 5% reserved for employees.
Air France-KLM positions itself as a primary contender, facing competition from Lufthansa and International Airlines Group (IAG). The transaction is subject to approval by the European Commission to address potential market concentration.
Smith emphasized the intention to maintain TAP’s unique positioning within the group. “The project aims to preserve the identity and the strategic role of TAP,” he said.
A successful bid by Air France-KLM would likely prompt TAP to shift its global alliance affiliation from Star Alliance to SkyTeam, affecting its current partnership landscape.
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