Finance minister Fernando Medina said late on Thursday (28 September) Portugal’s cabinet had approved the sale of at least 51% of the company, effectively privatising the airline, with Tap employees sharing 5%.
According to media reports, Medina indicated bidders would need to be significant players in the aviation sector and not just financial investors. “We are not going to privatise Tap simply with the highest bidder,” Medina said.
The news has drawn the interest of IAG chief executive Luis Gallego, who on Wednesday (27 September) said the Portuguese carrier would fit with IAG’s profile, while a Lufthansa spokesperson told Reuters the sale was “interesting for us”.
Following years of losses, Tap returned to black in 2022 after reporting a profit of €66 million (£57.2 million).
Nationalised in 2020 as a result of the pandemic, the carrier was at the centre of several controversies which led to chief executive Christine Ourmieres-Widener and infrastructure minister Pedro Nuno Santos being sacked.
