The prime minister expects the privatization of TAP to take place in the next 12 months. The deadline was indicated by the Liberal Initiative deputy who questioned António Costa during the parliamentary debate. Carlos Guimarães Pinto asked if the privatization of the carrier was a possibility for the next 12 months. The answer was yes, adding António Costa that this is what “is planned”.
The day before, the Minister of Infrastructure was more cautious in his answers about this operation that the Government supposes it wants to carry out after the restructuring of TAP approved at the end of 2021. Pedro Nuno Santos said in an interview with RTP that it was always the Executive’s intention to open the company’s capital for its integration into an aviation group, but also said that the “when, how much and how” is not closed. “There is work to be done and it is not done in the public square”, referring to the fact that these processes are not fast. “Take your time”.
António Costa was also more open about the result of this privatization for the State. When asked if the state will lose money from privatization, he replied: “I hope not.” But guarantee? The prime minister admits that this could happen. “Only if it were irresponsible would I come to guarantee that it will not be like that.”
The Minister of Infrastructure said this Wednesday on RTP that TAP “is ours and is worth money”, but also pointed out that the investment was made due to the “tremendous impact” that the carrier has on our economy. The three billion euros will be returned in another way, he said, referring to the return that the TAP operation brings to the economy.
The public support committed to TAP since the pandemic exceeds three billion euros, but the State aid was channeled through a capital increase (they served for capitalization) and the plan negotiated with the European Commission does not foresee that the company return to the state. Contrary to what other companies like Lufthansa did, which supported each other, but did not stop being private companies. Nor does the plan oblige the State to sell TAP, which the Government justifies as the only way to ensure the viability of the company, integrating it into a larger group. But it requires the carrier to raise private funds, albeit through a loan, as planned earlier this year but postponed to 2023.
TAP will only go on the market in 2023 to refinance private debt. This year there are still public aid of 990 million
The government has already admitted that it would like to see the German company at the forefront of TAP stakeholders, especially since there were contacts for a sale to Lufthansa at the time David Neeleman was a shareholder, even before the pandemic. The German company, like other potential competitors -Air France/KLM-, was unable to make acquisitions during the restructuring period that followed the plan approved in 2020 and which involved support of six billion euros from the German state. But with the full return of this aid, the restriction is lifted, as confirmed to the Observer by an official source from DG Comp (European Competition Directorate) even before this return was completed two weeks ago.
After having reimbursed more than 75% of the public aid, “the prohibition of acquisitions (in other companies in the sector) and the limitations on the remuneration of managers, including the payment of bonuses, were lifted, in line with the provisions of the commitments ”, clarified the official source of the DG Comp.
Source: Observadora
