Portugal’s President, Marcelo Rebelo de Sousa, has vetoed preparations for the semi-privatisation of TAP Air Portugal.
Mr De Sousa cited concerns about a lack of transparency regarding contacts with potential bidders and the rules guiding the selection process and the state’s ability to monitor and intervene in TAP as a strategic company if the sale involves more than 51pc control
He has requested clarification from the government on three specific points of concern, including the fact there are no provisions for the government in subsequent administrative decisions.
He questions the criteria set for TAP’s ability to sell or acquire assets, which goes beyond the planned integration of Portugália Airlines into TAP.
Potential bidders for TAP’s privatization reportedly include Lufthansa Group, Air France-KLM, and IAG International Airlines Group. None of them have commented publicly on their interest.
