US private equity eyes stake in TAP - report

Lisbon to approve TAP privatisation plan next week

The government of Portugal will approve a plan to privatise TAP Air Portugal (TP, Lisbon) at a cabinet meeting set for September 28, before a discussion on the state budget, Prime Minister Antonio Costa announced this week.

“As the European Commission recognises, we are implementing the restructuring plan successfully, and I can confirm that next week we will approve the diploma that establishes the framework for the privatisation of TAP, defending the company and the interests of Portugal and the Portuguese,” he declared in parliament on the afternoon of September 19, as quoted by the Lusa News Agency.

The government had already said in July that it would kickstart the sale with a decree to be published by October, having previously delayed the process by several months. Costa said in March that the government intended to retain a minority “strategic” stake in the airline, which is undergoing restructuring under an EU-approved EUR3.2 billion euro (USD3.43 billion) rescue plan.

Three major European players - Air France-KLM, (Iberia and British Airways...

Ex-TAP CEO Ourmières-Widener sues Portuguese state - report

Christine Ourmières-Widener, a former chief executive of TAP Air Portugal (TP, Lisbon), will contest her dismissal earlier this year in court, sources told the business daily Jornal de Negócios. Her lawyers have reportedly filed a compensation claim of EUR5.9 million euros (USD6.3 million).

Ourmières-Widener, who is French and who in July became CEO of Air Caraibes (TX, Pointe à Pitre) and French Bee (BF, Paris Orly) parent Groupe Dubreuil, was Group CEO at TAP from June 2021 to April 2023. Before that, she was chief executive of flybe. (2002), having previously held senior posts at CityJet, KLM Royal Dutch Airlines, and Air France.

When she was fired from TAP, she accused Portugal’s auditor general (Inspeção-Geral de Finanças - IGF), which was investigating a severance payment of EUR500,000 (USD535,000) handed the previous year to a former executive board member, of “discriminatory behaviour”. At the time she hinted at, “in due time, legal consequences” in retaliation, in an effort to restore her “honour and reputation”.

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Efromovich denies interest in TAP privatisation

Portuguese consortium and Efromovich mull TAP bid - report