The Prime Minister, Luís Montenegro, said this Monday, March 16, that the privatization of TAP will not move forward if the airline’s investment in all the country’s airports is not taken care of.
“There will be no privatization [da TAP] if we do not guarantee that our airports, including of course Francisco Sá Carneiro airport, [do Porto]will have the potential, in terms of the company’s activity, that they deserve and that are required in light of the country’s strategic interests”said the chief executive at the ceremony marking the 80th anniversary of Porto airport.
Montenegro clarified that the requirement and guarantee of use of all airport capacity is “a cornerstone” in the TAP privatization process.
“This was very clear from the beginning, it was very clear in our decision, it was very clear in the legal instruments of this procedure”he stressed.
The airline’s investment in the airports of Porto, Lisbon, Faro and autonomous regions is a requirement that the Portuguese State will not give up, guaranteed Luís Montenegro.
Non-binding proposals for the privatization of TAP must be submitted to Parpública by April 2 and must include a financial component, such as the price offered for shares and future appreciation mechanisms (‘earn outs’).
Interested parties will also have to present industrial and strategic plans, synergies and guarantees for preserving TAP’s status as an air operator in the European Union.
The specifications provide for the sale of up to 44.9% of TAP’s capital, with 5% reserved for workers, with any unsubscribed participation subject to the future buyer’s right of preference.
At the beginning of the month, Lufthansa confirmed its interest in participating in the TAP privatization process, admitting industrial synergies and the possibility of new investments in Portugal, including the eventual creation of a pilot training school.
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