Portugal’s president ratifies TAP re-privatisation law

Portugal’s President Marcelo Rebelo de Sousa has ratified a decree-law that will pave the way for the part-privatisation of Portugal’s State-run airline TAP.

On the President of the Republic’s official website, it states: “Following government clarifications, the President of the Republic ratified the law that approves the re-privatisation process of TAP’s share capital.”

Yesterday afternoon, broadcaster RTP reported that the president had not fully agreed with the text produced by the government, so he asked for clarifications on several points of the sale process.

Marcelo Rebelo de Sousa had doubts over operations regarding TAP’s assets, and the changes made to the capital structure within the context of the sale competition and questions related to the insolvency of Siavilo (formerly TAP SGPS).

However, these points are said to have been cleared up and the president has given the government the green light for the terms of sale for the selloff of 49.9% of the capital. (5% of the capital belongs to TAP employees).

There are several large airline groups interested in buying a 49% share of TAP – IAG, Lufthansa and Air France-KLM, but have said it will depend on the conditions of sale attached.