SPAAK views Air France–KLM’s expressed intention to participate in, and cooperate with, TAP positively and supports this strategic direction. In SPAAK’s view, an acquisition of (a portion of) the shares in TAP at an appropriate price, with suitable financing, and with the safeguarding of the points listed below, constitutes a logical and appropriate decision.

SPAAK believes that TAP represents a suitable partner for AFKLM, one that can strengthen AFKLM’s existing network and market share. This would constitute a strong strategic move for the Group, also in light of ongoing consolidation within Europe. The ‘cultural match’ between TAP and AFKLM is strong. In many areas, the internal dynamics of TAP are recognisable to both KLM and Air France, and AFKLM is well positioned to manage these dynamics effectively. In the potential integration of TAP into the AFKLM Group, SPAAK advocates a policy ensuring that the cooperation benefits the AFKLM Group as well as KLM, and that KLM’s position and scale as a meaningful airline within AFKLM are preserved.

Attention must be given to the following points:

• Any future governance changes arising from the integration of TAP into the AFKLM Group must not negatively affect KLM’s position as a meaningful airline, the financial framework of KLM and AFKLM, and/or the (intended) investment agenda.

• Investments in—and growth of—TAP must not come at the expense of KLM’s and AFKLM’s long‑term perspectives. On the contrary, KLM and AFKLM should have more favourable outlooks following/as a result of the investments in TAP.

• Cooperation with TAP in the fields of network, codesharing, and revenue management must reinforce AFKLM. Growth must take place in a balanced manner, ensuring that KLM’s (relative) position within the Group—within Europe, intercontinental operations, and joint ventures—remains at least at its current level. In particular, expansion of TAP’s production on North Atlantic routes requires careful attention.