Air France-KLM’s appetite for Portuguese TAP has been thwarted

Air France-KLM’s appetite for Portuguese TAP has been thwarted

TAP returned with great difficulty to the green zone in the third quarter. Rafael Marchanti/Reuters

The political crisis shaking Portugal is slowing down the company’s privatization process.

Air France-KLM will have to wait a few more months to find out whether its application to acquire the Portuguese company TAP meets the requirements of the authorities. A political crisis is shaking the country, which had officially launched the process of privatizing 51% of the national airline at the end of last September, which attracted the attention of the three major European groups: Air France-KLM, Lufthansa, and IAG (British). Airlines, Iberia…). The Portuguese Prime Minister resigned on November 7th due to suspicions of embezzlement and corruption. Therefore, no decision will be taken on Parliament before the formation of the new government that will follow the early legislative elections scheduled for four months.

Miguel Frascillo, an economist and former president of the Portuguese company, believes that this postponement will benefit the company’s valuation. “The aggressive restructuring imposed to make the company profitable and sustainable is now beginning to bear fruit, and the government…

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