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The Portuguese government has approved a decree to initiate the re-privatisation of TAP Air Portugal (TP, Lisbon), disclosing that it intends to sell at least 51% of the company while 5% will be reserved for employees.

Speaking at a news conference, Finance Minister Fernando Medina, Secretary of State André Moz Caldas, and Infrastructure Minister João Galamba said the government was seeking investors aligned with its strategic goals for TAP.

"We want large-scale investors from the aviation sector, alone or in consortia, that are aligned with our strategic goals. We do not seek to attract pure investments of a financial nature that are looking to get into TAP to then sell it or sell parts of it, and we want to reiterate TAP's strategic contribution to the country," Medina said in a statement.

The next steps would involve selecting strategic, financial, and legal consultants to advise the government, consulting the market and engaging with potential investors. The goal is to finalise the specifications by the end of 2023 or early 2024. Three airline groups that have expressed...