At the end of September, the Portuguese government officially launched the privatization of at least 51% of the capital of the national airline TAP Air Portugal, which is attracting the interest of its European competitors, Air France-KLM, Lufthansa and the IAG group (British Airways and Iberia).
On Friday, October 27, the President of Portugal, Marcelo Rebelo de Sousa, temporarily changed the fate of TAP, citing concerns about transparency and the government’s role in the privatization process, while demanding urgent clarification to avoid delays . Rebelo de Sousa therefore vetoed the decree that launched the process of privatization of the public company.
TAP Air Portugal must be saved by its taxpayers…
Stressing that TAP was saved by taxpayers and has strategic value for the country, Rebelo de Sousa calls for maximum transparency throughout the process. A month ago, the government approved the sale of at least 51% of the airline and expressed its commitment to finding a partner to boost the growth of TAP and Portuguese airports.
It must be said that the carrier made big profits
Like most well-run airlines, most have been profitable this year. They were able to increase their prices quite easily and no one came to reproach them. Only private travelers are suffering from the rise in prices, some of which have increased by 30 to 40%. Airlines say fuel costs and rising wages are to blame. They are probably exaggerating…
For information, TAP even announced last week a record profit of 180.5 million euros in the third quarter, up 62.2% compared to the same period last year.
The more picky socialist government
The government also wants to reserve up to 5% for employees and has specified that it intends to adopt detailed specifications that the future owner of the company will have to complete by the end of the year, or at the latest at the beginning next year.
