Air France-KLM and Lufthansa on Wednesday submitted binding offers to buy a 44.5% stake in TAP Air Portugal, Parpública, which manages the state's shareholdings, said in a statement quoted by Eco (source in Portuguese). Parpública now has 30 days to analyse the documentation and submit a report to the Portuguese government, and may request further clarifications from the airlines. Once it has examined Parpública's report, the government may decide to invite one or both of the bidders that submitted binding proposals to present a new final offer. The deadline for submitting the two binding proposals expired on Tuesday, marking the end of the third phase of TAP's privatisation process. The two groups submitted their binding offers on Tuesday.