[dropcapThree companies remain in the run for the privatisation of Portuguese national airline TAP-Air Portugal, reported financial daily Diário Económico, which revealed them to be Colombia’s Avianca Taca Holding S.A., Abu Dhabi’s Ethiad and an unidentified Asian carrier.

According to Diário Económico, the three companies submitted non-binding bids for the Portuguese airline. Legal and financial experts now have 15 days to evaluate the only three bids left on the table after International Airlines Group, or IAG (owner of British Airways and Spanish Iberia), Deutsche Lufthansa AG and Portuguese EuroAtlantic Airways decided not to go ahead.

The Portuguese government must approve the bids and the company’s specifications so that TAP’s privatisation can be concluded until the end of the year as reiterated last week by Minister of Finance Vítor Gaspar, a process which is proving much harder than anticipated.