Portugal's government has relaunched the privatisation of flag carrier TAP, aiming to sell a 49,9% stake in the first phase.
The decision opens up 44,9% of the company's capital to one or more investors and 5% to the employees. The 44,9% stake will be sold directly to the buyer who best meets the required conditions.
According to Prime Minister Luis Montenegro, the reprivatisation aims to safeguard the most strategic routes to Portugal and the strategic interest of the country. It will also help sustain the operations of the national airline.
The government expects to have the privatisation completed within a year. According to Reuters, three major airlines, Lufthansa, Air France-KLM, and British Airways owner IAG, are interested. All three groups have held meetings with the Portuguese government over the past year.
