Portugal is expected to move forward with competing bids from Air France-KLM and Lufthansa to acquire a minority stake in Portuguese airline TAP.

This is reported by Bloomberg News, citing sources with insight into the process.

The state holding company Parpública, which manages the state's ownership in the airline, has recommended that both non-binding bids be taken forward to the next stage, the sources said.

The government is reportedly expected to consider the recommendation at a cabinet meeting as early as Thursday. Portugal is preparing a sale of up to 49.9 percent of TAP.

Air France-KLM and Lufthansa are expected to be invited in the next step to conduct due diligence and then submit binding bids within three months.

According to Bloomberg News, spokespeople for Parpública, the Portuguese government, Air France-KLM and Lufthansa have declined to comment on the information.

Source: Nyhetsbyrån Direkt-DI.SE