Turkish airlines interested in TAP
Turkish airlines is interested in acquiring a capital share in TAP, but if it does, it would only be a minority shareholding.
According to Jornal de Negócios, the Turkish company has been compiling market information about the Portuguese nationalised airline and is said to have offered around €1.9Bn, although this offer has not been officially confirmed by the Portuguese government.
Turkish Airlines, which is 49% owned by the State, has shown its interest in TAP through various channels. The aim is to create a strategic partnership that would enable the two companies to operate in complementary areas in terms of platforms, improving routes between western European air space, from Portugal, and the East.
The Turkish company is thereby willing to invest nearly €2Bn in the business, an amount which is based on numbers foreseen in TAP’s restructuring plan. TAP has already received €1.6Bn from the Portuguese State. Under the worst case scenario, TAP could require a cash injection of €3.7Bn and the Turkish offer would cover the difference to this limit.