Privatization of TAP

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The new Portuguese government has realized one of its pre-election promises and partially reverted the privatization of the airline TAP (Transportes Aéreos Portugueses). In November 2015 their predecessor had sold 61% of the shares of the TAP holding SGPS to the Brazilian-Portuguese consortium Gateway – a decision heavily criticized by the opposition – to assure the necessary capitalization of the company. The contract included the obligation of the new owner to significantly invest in new airplanes, to keep the company headquarter for 10 years and the airline’s hub for 30 years in Portugal.

According the Portuguese press releases from January 6^th the government has regained the control majority, paying 1,9 Mio €, so that both parties will have a share of 50% and the state will nominate the president of the board of administration. The original contract included the option for the Gateway consortium to acquire further shares of the TAP holding depending on the future economic development. Up to 5% of the shares intended for the employees.