Joaquim Miranda Sarmento made a point of referring to the two bidding groups in alphabetical order.

In this second phase of the tender, the two companies will have 90 days to submit their binding bids, explained the Minister for Infrastructure and Housing, Miguel Pinto Luz, at the end of the meeting.

Pinto Luz admits that the Government may reach a decision on the buyer at a Council of Ministers meeting in late August or early September.

The Minister said that the submission process should be completed “next July”, so that Parpública, the manager of the State’s shareholdings, can submit the report on the bids to the Government in August, after which the Government will make the final decision.

The two ministers emphasised that the financial bids from Air France-KLM and Lufthansa are equivalent.

Joaquim Miranda Sarmento noted, however, that the “duty of confidentiality prevents any reference to figures”.

The areas of alignment for TAP’s strategy include topics such as connectivity with the autonomous regions and Portuguese-speaking countries, the expansion of operations in Porto, the growth of services at TAP’s maintenance and engineering centres, investment in the fleet, an “ambitious growth plan for the next ten years,” and a commitment to sustainability, as listed Pinto Luz.

Currently in the running are Air France-KLM and Lufthansa, after IAG, owner of Iberia and British Airways, did not submit a bid.

The Government intends to sell up to 49.9% of the company’s capital, of which 44.9% to a strategic investor and up to 5% reserved for employees, in a process that will consider the price, the business plan, connectivity and the buyer’s financial capacity.