Portuguese government raises its stake in national airline
The Portuguese government announced Thursday it is increasing its stake in TAP Air Portugal from 50% to 72.5% after prolonged negotiations with the airline’s minority private shareholders on how to save the money-losing company. “The state will now play a key role in TAP,” Finance Minister Joao Leao said. The EC recently granted the Portuguese government permission to inject E1.2b into TAP, on the condition it scaled back the airline’s operations and cut its costs. The government, in return for injecting cash into the company, wanted more control over its finances, but the private investors resisted changes to TAP’s financial structure, Infrastructure Minister Pedro Nuno Santos said.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-07-03/star/portuguese-government-raises-its-stake-in-national-airline
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Portuguese government raises its stake in national airline
The Portuguese government announced Thursday it is increasing its stake in TAP Air Portugal from 50% to 72.5% after prolonged negotiations with the airline’s minority private shareholders on how to save the money-losing company. “The state will now play a key role in TAP,” Finance Minister Joao Leao said. The EC recently granted the Portuguese government permission to inject E1.2b into TAP, on the condition it scaled back the airline’s operations and cut its costs. The government, in return for injecting cash into the company, wanted more control over its finances, but the private investors resisted changes to TAP’s financial structure, Infrastructure Minister Pedro Nuno Santos said.<br/>
