The SNPAC addressed its members with a statement noting that the privatization terms emphasize more on being attractive to potential candidates than on safeguarding jobs, the Lisbon hub, or even national interests.
“Unfortunately, the content did not surprise us, but we hoped it wouldn’t be executed so flagrantly superficially,” the statement read.
The SNPVAC has been very critical over recent months about the conduct and timing of this process, expressing confusion over initiating a privatization process less than four months before the end of the restructuring plan, which has reportedly hindered the company’s growth, particularly through restrictions on acquiring new aircraft, which would allow increased activity and natural appreciation.
“Let’s be clear, this privatization process is merely a political will, with no external obligation,” it highlighted, asserting that this Government provides no assurance it can initiate this process or defend the interests of the company, its workers, and the country.
The privatization terms for TAP specify that only applications from airlines with revenues exceeding 5,000 million euros will be considered, in a process set to unfold in four phases, the Government announced.
The privatization process will involve up to 44.9% of TAP being offered to a strategic investor and up to 5% to TAP employees, conducted in four stages as outlined by the Government.
Originally state-owned, TAP underwent partial privatization in 2015, which was reversed in 2016 by António Costa’s administration, reclaiming 50% of the company—a move criticized for the financial risk taken on by the state.
Last year, Luís Montenegro’s government reignited the discussion, expressing the intent to proceed with selling a minority stake by 2025. Since then, negotiations have been ongoing with major European groups such as Air France-KLM, Lufthansa, and IAG.
