China’s HNA Group to buy TAP Portugal shares

HNA Group will buy an initial 7% stake in Atlantic Gateway, a private consortium that owns 50% of TAP Portugal. This could raise a stake that could reach up to 20% of the carrier, a TAP spokesperson said. Meanwhile, the Portuguese govt increased its stake in TAP Portugal to 50% last week. May 20, Portugal’s new Socialist govt signed an agreement to partially review privatisation of the airline. The spokesperson said HNA will take a 7% minority stake in Atlantic Gateway. “On the other hand, HNA is due to enter into Azul’s share-capital, which has subscribed bonds in TAP that may be converted into shares, should that happen in the future. If so, this could mean HNA may come to have an indirect participation in TAP via Azul [up to 13%]. In the end, and putting both together, it could go up to 20% in the whole,” Palma said. <br/>