In Portugal, the airline TAP is suffering the full force of the economic crisis. The Portuguese government has just implemented renationalization by increasing its capital to 72.5%.
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The Portuguese state already owns 50% of the capital. Finance ministers announced, quoted by TSF TV, that the percentage will rise to 72.5%. For this, the government will invest 55 million euros.
Previously, the executive offered shareholders a loan of up to 1.2 billion euros to rescue the group, but the terms were rejected by the board of directors.
This increase in capital agreement itself requires long negotiations. The main private shareholder, American David Neeleman, will eventually be allowed to withdraw. Also the immediate dismissal of the CEO he appointed without us yet knowing the name of his successor.
Strategic company
If the government has its hand in its pockets, it is because the company is considered strategic. It is reported that 90% of tourists arrive in Portugal by plane, half of them via TAP. Therefore, her loss will be Economic disaster », confirms the Minister of Infrastructure.
With the government crisisAntonio Costa Therefore, he returned to the 2016 agreement in which the state committed not to acquire more than 50% of the company.
