In a statement on Tuesday, Pais do Amaral said his consortium named Quifel featured "large scale international financial investors with high levels of experience in the aviation sector" and had submitted one of the three binding proposals for up to 66% of the airline company.


“The Quifel proposal stands out in financial terms due to the commitment to make an immediate cash contribution of €325 million in order to recapitalise TAP and provide some much needed financial flexibility to the company so it may implement its ambitious strategic plan, especially the renewal of its fleet and expanding its network," Pais do Amaral said by statement.


That statement added that its bid enabled the state to monetarise its position in accordance with the tender specifications whilst TAP would undertake an initial public offering within three to five years “to enable the company to access debt and capital markets on equal terms to its peers and to be able to compete structurally in an increasingly global market."


The statement also said this flotation would see between 5% and 10% of TAP’s capital reserved for company employees.


The Pais do Amaral led consortium is up against the US businessman David Neeleman, owner of the Brazilian airline company Azul and the Brazilian German Efromovich, owner of the airline company Avianca within the Synergy holding group.


The state investment body has until Friday to provide its ruling on the merits or otherwise of each of these respective three proposals.