TAP: arrival of an outsider in the takeover of the Portuguese company…

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The Portuguese government wants to announce to which company TAP Air Portugal will be sold. The major European aeronautical groups Lufthansa Group, Air France-KLM and IAG would be interested. However, an underdog could prevail!

Two conditions were imposed

On the one hand, the Portuguese government wants to retain a seat on the supervisory board of the national airline. On the other hand, the buyer must promote the country’s economy and preserve the Lisbon hub. The government’s goal is for Tap to be privatized by mid-2024.

TAP-Air Portugal

Possible attempt by an outsider

According to the economic newspaper Jornal de Negócios, a new consortium is being formed to participate in the race to take over the Portuguese national airline. Also on board is German Efromovich, an old acquaintance. He is a former owner of Avianca and other airlines like Aerogal, Avianca Brasil or Taca. He wanted to take over Tap several times.

Efromovich’s offer would not have met the conditions for the targeted privatization of Tap in 2011. As part of the privatization in 2014, the millionaire was considered one of the promising candidates. But in the end, the Portuguese national airline turned to a consortium led by American-Brazilian businessman David Neeleman.

A strong consortium

In addition to German Efromovich, the consortium would also include the Portuguese businessman Mário Ferreira, owner among others of the river cruise company Douro Azul. The third man is believed to be Diogo Lacerda Machado, a former Tap leader and government adviser.

Officially, the consortium will be established in September. This is when the government intends to publish Tap’s privatization policy, which will set the terms of the sale.

Catherine Mills Avatar