Bankinter | The Portuguese government is putting 49.9% of TAP Portugal up for sale. 44.9% will go to investors and 5% to employees. The details of the operation are not yet known.
Analysis team’s view: This news was expected, and there was even the possibility that 100% would be put up for sale. Remember that TAP was nationalised during the pandemic (at a cost of €3.2 billion). This news is important because of the interest it has sparked in other airlines: Lufthansa, Air France and IAG have publicly stated their intention to acquire it. In the case of IAG, a hypothetical purchase would make strategic sense because the routes it offers are complementary and would allow it to increase its presence in Africa, some Latin American countries (Brazil) and the US, among others. At the time, it made maintaining the Lisbon hub a sine qua non condition. Ultimately,it will depend on the price. The Portuguese government has stated that it will suspend privatisation if it does not receive any interesting offers.
