PARIS (dpa-AFX) - Air France-KLM SA (AF.PA), the French-Dutch airline company, Thursday announced that it has submitted a binding offer to acquire 44.9 percent to 49.9 percent stake in TAP Air Portugal, the Portugal airlines company, marking a step towards TAP's privatization process.
The financial details of the offer were not divulged.
As part of the binding offer, Air France-KLM has laid out its pan to develop new Maintenance, Repair and Overhaul or MRO activities in Portugal, dedicated to the maintenance of latest generation aircraft and engines and these projected investments would generate highly skilled jobs to the benefit of the Portuguese economy.
If selected, Air France-KLM would position Lisbon as its unique Southern European hub, in order to expand connectivity to key markets particularly in the Americas and Africa.
The bid is welcomed by Air France-KLM joint venture partner and shareholder Delta Air Lines.
Following the confirmation of Air France-KLM as a successful bidder, Delta would promptly commence negotiations with TAP on a strategic commercial agreement involving, among other things, reciprocal codeshare and loyalty benefits.
Currently, shares of Air France-KLM are trading at €11.94, up 0.82% on the Paris Stock Exchange.
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