(Bloomberg) — Portugal’s government is considering selling a stake of at least 49% of TAP SA in its latest attempt to privatize the state-owned airline, according to a person familiar with the matter.

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The privatization process is due to start in March and may be concluded at the end of this year or in 2026, said the person, who asked not to be identified discussing information that isn’t public. There are about 12 firms interested in TAP, the person said.

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Air France-KLM, Deutsche Lufthansa AG and IAG SA, the parent company of British Airways and Iberia, have publicly stated their interest in TAP. The Lisbon-based airline’s biggest attraction lies in its links to Brazil, of which it’s the largest European provider. It also maintains a strong presence in Africa and operates a number of flights to North America.

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