Lisbon, Dec. 10, 2025 (Lusa) - The CEO of TAP expressed optimism on Tuesday about the privatisation process, highlighting the interest of the three largest European groups, but stressed that it is up to the government to define the scope of the sale and the final timetable.
"In 2012, if I am not mistaken, we had a first attempt at privatisation with a single potential buyer who was not even recognised as such by the government, and so that process died. In the second attempt, a non-first-rate operator appeared, which led to a privatisation operation between 2016 and 2020," Luís Rodrigues recalled at a meeting with journalists in Lisbon.
"We have made significant progress towards a scenario in which the three largest European groups have shown interest. I think that says it all," he added.
Luís Rodrigues also pointed out that the airline "is in good shape," although it has "its problems to solve, like all aviation companies in the world."
On 3 December, in Macau, the Secretary of State for Infrastructure also praised the fact that, for the first time this century, the privatisation of TAP has attracted the interest of Europe's three leading airline groups.
"Never in the three privatisations of TAP this century have Europe's three leading airlines been interested - and actively interested - in TAP.
And so that makes me feel comfortable that the next eight months of pain for Luís [Rodrigues, CEO of TAP] will result in something good for all of us here," said Hugo Espírito Santo in Macau during the 50th National Congress of the Portuguese Association of Travel and Tourism Agencies (APAVT), which the company's leader attended.
Air France-KLM, IAG and Lufthansa have confirmed that they have expressed interest in entering the race for TAP.
Asked about the possibility of completing the privatisation in 2026, he said: "I want the best possible outcome, as quickly as possible, but the best is the enemy of the good."
The restructuring plan agreed with Brussels originally provided for the sale of TAP's 51% stake in Cateringpor and 49.9% stake in the former Groundforce by the end of this year, as part of the measures approved in the context of the Covid-19 pandemic.
Regarding compliance with this deadline, Luís Rodrigues commented: "I don't know if [the sale] will not happen or if the intention [by the end of the month] will happen and be completed as soon as possible," that is, only in 2026. "It was not possible to do everything at the same time," he pointed out.
Regarding the scope of the assets to be included in the privatisation, such as Cateringpor, Luís Rodrigues clarified that the decision is up to the government.
The specifications provide for the sale of up to 44.9% of TAP, with 5% of the capital reserved for employees, and the future buyer will have the right of first refusal on any unsubscribed shares.
If the catering and handling businesses are excluded, the list to be included in the privatisation should consist of TAP SA, Portugália, and the group's healthcare unit (UCS).
As for the possibility of TAP providing handling services currently provided by Menzies, the CEO stated that "this is not being considered at this time".
In the coming months, the European Commission will assess the end of TAP's restructuring plan and compliance with the agreed targets, in coordination with the Portuguese State. If the targets are considered met, TAP will be exempt from certain restrictions, including the 99-aircraft limit and the ban on acquiring other assets.
SCR/ADB // ADB.
Lusa
