Air France-KLM and Lufthansa have been asked to improve their bids for a major interest in TAP Air Portugal, intensifying the contest for an airline operating approximately 80 weekly flights to Africa.
Both groups submitted binding offers in July for a 44.9% stake in Portugal’s national airline. However, the government judged the two proposals to be too closely matched to choose a preferred bidder, Reuters reported.
Portugal has consequently opened a final round of negotiations that is expected to last several weeks.
The financial value of the bids has not been disclosed. No winner has been selected, and neither airline group has entered exclusive negotiations.
Although TAP is based in Europe, the result will have consequences for travellers and businesses across Africa. The airline operates 14 destinations in nine African countries, with particularly important connections to Portuguese-speaking markets.
