HNA eyes stake in Portuguese airline

Chinese aviation and tourism giant HNA will buy a stake of up to 20% of TAP, a private shareholder of the European company said Saturday. HNA will buy an initial 7% stake of Atlantic Gateway, the private consortium that owns half of TAP, said businessman Humerto Pedrosa, adding that its direct and indirect stake could reach 20%. The indirect stake could come through HNA’s ownership since a November buyout of 23.7% of Azul’s shares. Portuguese weekly Expresso said HNA’s acquisition of TAP shares should come in the next 3 months. The Chinese group is set to acquire part of the E90m (US$100m) worth of convertible bonds in shares issued by Azul to bail TAP out. TAP’s private investors and Portugal’s new Socialist govt Friday signed an agreement to partially review the privatisation of the airline. <br/>