In a brief response sent to ECO, the Franco-Dutch company stated that it "took note of the publication of the Terms of Reference and the consequent official start of the privatisation process of TAP Air Portugal.

"We are carefully analysing the conditions defined by the Government and intend to submit our expression of interest within the indicated deadline," it added.

Those interested in the reprivatisation of 49.9% of TAP have until 4:59 p.m. on November 22 to submit their expression of interest in participating in the transaction, according to a statement released by Parpública on Tuesday.

The direct sale process will have financial advice from Bank of America Europe and Caixa – Banco de Investimento. Legal advice will be provided by Uría Menéndez Abogados.

In addition to Air France-KLM, Lufthansa and the IAG group, owner of Iberia and British Airways, are also evaluating the privatization of TAP. The latter welcomed the progress in the privatisation of TAP on Tuesday and the recently published terms, adding that it is "carefully analyzing the details."

Candidates will be selected based on 11 criteria, defined in the notice, ranging from price to strategic and industrial planning, as well as compliance with labour commitments already undertaken by the airline.