Portugal: Reprivatisation of Tap – Transportes Aéreos Portugueses, SGPS, S.A.

Privatisation Model. In 2013 the Government launched the privatisation of TAP, but the sale of the airline did not go through due to inadequate financial assurances from the final bidder. The privatisation process was re-launched last month with the formal approval of the privatisation model by the Council of Ministers on 13 November 2014. The privatisation process shall be carried out by means of the disposal of shares representing up to 66% (sixty six per cent) of TAP’s share capital as follows: (i) up to 61% (sixty one per cent) of the share capital shall be the subject of a direct sale to one or more national or foreign investors, individually or in aggregate, and (ii) the remaining 5% (five per cent) of TAP’s share capital shall be put in the hands of the employees of TAP or other companies of the group…