IAG, the parent company of Aer Lingus and British Airways, confirmed today it had submitted a bid for a stake in TAP Air Portugal, joining Lufthansa and Air France-KLM in seeking a stake in the Portuguese carrier.
"IAG confirms it has submitted a statement of interest to Parpublica, in line with the government's process for the part-privatisation of TAP," a spokesperson said in a statement to AFP, referring to the Portuguese state holding company that owns TAP.
"Several terms would need to be addressed before IAG could propose an investment," the statement added.
Lisbon announced in September it was seeking a major international airline to buy most of the 49.9% stake in the carrier which it plans to privatise.
TAP, which was was renationalised in 2020 to stem losses from the Covid-19 pandemic, is among the few remaining state-owned carriers in Europe, and is of interest to international airlines due to its routes to Brazil and Portuguese-speaking Africa.
Alongside British Airways and Spanish carrier Iberia, IAG's portfolio includes Irish airline Aer Lingus and Spain's Vueling as well.
Europe's leading airline group Lufthansa and Air France-KLM, looking to expand its connections to South America, have also thrown their hats in the ring.
The three groups have in recent years become the dominant players in Europe's aviation sector.
"We believe TAP has significant potential within IAG," said the spokesperson for IAG, adding the group's "decentralised model" delivers "industry leading margins".
"Our track record shows how we invest to strengthen our airlines, benefiting customers, employees, local economies and shareholders," it added.
In early November, IAG reported a dip in third quarter profits by 2.3% to €1.4 billion, pointing to a slowdown in ticket demand for flights to the US.
For its part, TAP announced this week a net profit of €125.9m between July and September.
