European airlines lay groundwork for potential bids for Portugal's TAP
13/04/2023 14:44
By Sergio Goncalves
LISBON, April 13 (Reuters) - At least three European
airlines are laying the groundwork for potential bids for
Portugal's flag-carrier TAP, sounding out local communications
agencies and legal advisers as a new CEO prepares to take over,
according to sources and media reports.
The state owns 100% of TAP, which is currently restructuring
under a Brussels-approved 3.2 billion euro ($3.5 billion) rescue
plan, and the government is considering an outright or partial
sale of the airline.
Finance minister Fernando Medina said in February the
government was doing preliminary work for the privatisation
process.
Lufthansa LHAG.DE , Air France-KLM AIRF.PA and British
Airways owner IAG ICAG.L are seen as potential buyers.
Air France-KLM declined to comment. IAG and Lufthansa did
not immediately respond to requests for comment.
Portuguese news site ECO reported on Thursday that IAG,
which also owns Iberia, had selected communications agency Cunha
Vaz & Associados (CVA) and lawyers' office Vieira de Almeida
(VdA).
CVA and VdA did not immediately reply to requests for
comment.
A source from a large Lisbon law firm, who declined to be
named, said Air France-KLM and Lufthansa were also "sounding
out" legal and communications advisers in Portugal.
A communications agency source said the three airlines were
likely to officially select Portugal-based advisers soon.
Another communications agency source said there were ongoing
talks between the main advisory agencies and the three airlines,
adding: "The process is really kicking off."
A spokesperson for the finance ministry, which is in charge
of the privatisation, declined to comment on when the process
would formally start.
The government fired TAP's CEO Christine Ourmières-Widener
last month in the wake of a scandal involving an irregular
severance payment.
Luis Rodrigues, current chief of Azores regional airline
SATA, will take over as TAP's CEO and chairman on Friday, the
finance ministry said.
($1 = 0.9054 euros)
(Reporting by Sergio Goncalves
Additional reporting by Catarina Demony and Joanna Plucinska
Writing by Catarina Demony
Editing by Mark Potter)
((catarina.demony@thomsonreuters.com; +351 915 616 444
(Twitter: @CatarinaDemony);))