Air France-KLM has become the first airline to formally announce its intention to participate in the privatization of the Portuguese national carrier TAP Air Portugal. The company has stressed its interest in the process and confirmed its readiness to submit a bid once the Portuguese government has clarified the terms of the sale.
Air France-KLM has previously used a strategy of gradually entering the capital of other carriers, including the recent acquisition of a controlling stake in Scandinavian Airlines (SAS). The group may apply a similar approach to TAP, but the current plan of the Portuguese government involves selling only 44.9% of the shares to external investors, while maintaining a controlling stake for the state. An additional 5% of the shares are reserved for the airline’s employees.
According to Prime Minister Luis Montenegro, the key objective of the privatization is to preserve TAP’s strategic status, including its hub in Lisbon and its participation in the development of the country’s entire airport infrastructure, including the future Luis de Camões airport in the capital, as well as airports in Porto, Faro and the autonomous regions. TAP remains Lisbon’s largest carrier, handling 46% of all weekly passenger seats.