Portugal Unveils Conditions for TAP Sale, Including Growth Plan

Portugal set its conditions for the sale of TAP SA, the government’s latest key step before formally inviting offers for a stake in Europe’s largest wholly state-owned airline.

Bidders must be airlines, or groups led by airlines, with annual revenue above €5 billion ($5.9 billion) in at least one of the past three years, the government said in a statement Friday. Authorities will evaluate each bidder’s strategic growth plan for TAP, the price offered and commitments to expand the airline’s fleet.

The selected investor will also be expected to protect and expand routes to the Azores, Madeira and Portuguese-speaking ...