Air France-KLM Plans to Bid for Stake in Portugal’s TAP Airline

(Bloomberg) -- Air France-KLM said it plans to participate in the privatization process of Portugal’s state-owned airline TAP SA, calling the country a “strategic market” for the Paris-based carrier.

“Air France-KLM stands ready to present its candidacy as part of the TAP privatization process,” Chief Executive Officer Ben Smith said in a statement on Friday. TAP is “an emblematic company which has built a powerful hub in Lisbon that is open to the world.”

The Portuguese government is considering selling at least 49% of TAP, and Air France-KLM is interested in a minority or majority stake, Bloomberg reported earlier. The Portuguese carrier’s main attraction lies in it being the biggest European provider of air links to Brazil.

Air France-KLM will preserve the TAP brand and maintain Lisbon as a hub, Smith said, referring to conditions set by the Portuguese government. Air France-KLM plans to strengthen the connectivity inside Portugal, including secondary cities, he added.

Smith visited Portugal with French President Emmanuel Macron this week to discuss acquiring a stake in TAP. Macron said Air France and TAP should find an “innovative form of marriage,” AFP reported Friday.

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