Portugal to pick TAP buyer by mid-October, awaits improved bids
Air France-KLM and Lufthansa were asked to improve binding bids for a 44.9% stake by Wednesday.
LISBON, Sept 28 (Reuters) — Portugal expects to pick a winning bidder in the partial privatisation of flag carrier TAP by mid-October, Infrastructure Minister Miguel Pinto Luz said on Monday, as the government awaits improved offers from Air France-KLM and Lufthansa. 9% stake in TAP. Speaking at a tourism conference, Pinto Luz said "the two bidders will submit improved offers by Wednesday". State holding company Parpublica will then have around 15 days to assess the proposals and prepare a report for the government.
"By mid-October, the government will announce its decision," he said. Under the privatisation terms, a further 5% stake has been set aside for employees, while the winning bidder would have the option to acquire any shares not taken up by staff. net/)