Air France-KLM: submits a binding offer for up to a 49.9 per cent stake in TAP

(Il Sole 24 Ore Radiocor) - Air France-KLM has submitted a binding offer to Parpública, the investment company controlled by the Portuguese state, to acquire a stake of between 44.9% and 49.9% in TAP Air Portugal. The offer – as explained in a statement from the group – is accompanied by a strategic plan covering all of TAP’s operations, including passenger transport, cargo, the loyalty programme and aircraft maintenance, repair and overhaul services. The project aims to support the implementation of TAP’s strategy and the development of the Portuguese aviation industry, with detailed projections for job creation and value generation across the country. Air France-KLM intends, in particular, to develop maintenance operations in Portugal in collaboration with TAP Maintenance & Engineering, a partner of the group for over 20 years. The plan is expected to foster technological development and the creation of highly skilled jobs. The bid is backed by Delta Air Lines, Air France-KLM’s partner in the transatlantic joint venture and a shareholder in the group. Delta shares the objective of strengthening Portugal’s international connectivity, particularly on North Atlantic routes. “Over the last three years, our teams have worked closely with Portuguese stakeholders to draw up our strongest proposal for TAP,” said Air France-KLM’s chief executive, Benjamin Smith, adding that “with this offer, Air France-KLM reaffirms its commitment to creating a global European aviation leader, actively supporting European sovereignty”.
Cop