Privatization of TAP Portugal to be completed by 2024
The privatization of TAP Air Portugal (TAP) will take months and is expected to be completed by 2024, Portuguese Finance Minister Fernando Medina said, Reuters reported.
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The Portuguese government said the sale process would start in October, not July as previously planned.
Medina said the government would seek to approve the privatization as soon as possible, but it was legally up to two independent advisers to determine the value of TAP Portugal.
Medina said: "By national and international standards, this is also a large-scale transaction. The privatization process will take several months and cannot be completed within 2023."
The Portuguese government has said it plans to retain a strategic stake in TAP Portugal.
At least three airlines, including International Airlines Group (IAG), Lufthansa, and Air France-KLM, are interested in acquiring TAP Portugal.