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Air France-KLM offers to buy a minority stake in Portugal’s TAP airline

The franco-dutch airline group, 'Air France-KLM' announced a non-binding bid to purchase a minority stake of TAP Air Portugal as the Portuguese Government moves forward with its plans to privatise their 'flag carrier.

Air France-KLM was the first of three European airline groups that bid on a stake in TAP as Lisbon looks to sell as much as 49.9%.

British Airways' owner IAG, and Germany's Lufthansa also expressed interest in participating in the privatisation of the airline.

"Our aim is to'strengthen operations in Lisbon and 'develop connectivity in other cities throughout the country, including Porto. Benjamin Smith, CEO of Air France-KLM, said that he was looking forward to the next steps in the privatization process. (Reporting and editing by Louise Heavens, Milla Nissi Prussak, and Gianluca Nostro)

(source: Reuters)