The Portuguese Council of Ministers has approved a privatisation decree for TAP Air Portugal on July 10.
The government plans to divest a 49.9pc stake, with 44.9pc aimed at investors and 5pc for employees. The objective is to find a strategic partner to grow the airline’s fleet and maintain essential routes.
Lisbon seeks to recoup its €3.2bn investment in TAP made during the pandemic. Investors have 60 days to prequalify for bidding, with a privatisation process expected to conclude within a year.
Joaquim José Miranda Sarmento shared. “Lisbon has no preferred bidder. We will sell the stake to the investor that makes the best offer.”
