18-Sep-2012 9:51 AM

TAP receives three bids – Avianca in, IAG, Lufthansa and EuroAtlantic out

TAP Portugal received three non-binding offers to take over the state-owned carrier, after a number of potential parties, including International Airlines Group (IAG) and Lufthansa, decided not to submit bids, according to a report by Jornal de Negocios. AviancaTACA Group is reportedly among the three parties who submitted an offer, while the other two bidders remain unnamed. IAG's interest in the Portuguese carrier was "already declining in the past 12 months", said IAG spokesperson Lorena Monsalves, adding, "the privatisation of TAP does fit the current plans of IAG". Lufthansa reportedly decided to focus on its current business and costs. EuroAtlantic also declined to submit an offer, according to CEO Metello Thomas who stated, "I do not rule out that in the future we can be partners individually, but we've decided to to proceed". The Portuguese Government needs to sell TAP by the end of 2012 under requirements of its EU bailout programme. TAP is estimated to be worth approximately EUR1.2 billion.

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