Lufthansa throws hat in ring in bidding for TAP stake

STORY: Germany's Lufthansa airline submitted a proposal on Thursday for a minority stake in Portugal's carrier TAP.The company said it has formally filed its interest with the government via state holding company Parpublica.Rivals British Airways and Air France-KLM have also expressed interest in buying up TAP's planned sale of shares.Portugal's government relaunched a long-delayed privatization plan for TAP in July, putting a 44.9% stake up for sale to an airline that could add scale and competitiveness.An additional 5% is to be sold to TAP employees.The government said last month it expects the planned sale of the combined stake to proceed smoothly.Airlines interested in TAP must formally submit a "manifestation of interest" by November 21 and non-binding offers in the coming months.Lufthansa said its aspirations as an investor took into account TAP's, quote,  "great strategic importance to the European aviation industry."