Portugal’s Plan for Sale of Carrier TAP to Be Approved Next Week

The Portuguese government will approve the plan for the privatization of state-owned airline TAP SA at a cabinet meeting next week, Prime Minister Antonio Costa said.

(Bloomberg) — The Portuguese government will approve the plan for the privatization of state-owned airline TAP SA at a cabinet meeting next week, Prime Minister Antonio Costa said.

“We will approve the diploma that will set the framework for the privatization of TAP, defending the company and the interests of Portugal,” Costa said in parliament on Tuesday.

Air France-KLM, Deutsche Lufthansa AG and IAG, the parent company of British Airways and Iberia, have said they may look at TAP. The Lisbon-based airline’s biggest attraction lies in its links to Brazil, of which it’s the biggest European provider. It also maintains a strong presence in Africa and operates a number of flights to North America.

Read more: Portugal Gets Preliminary Valuation Reports on TAP Before Sale

The government plans to keep a stake in TAP after the privatization to help ensure that “strategic objectives” are met, including the goal of the airline keeping its hub in Portugal, Costa said in March.

More stories like this are available on bloomberg.com

©2023 Bloomberg L.P.