The decree-law for the privatization of 49.9% of TAP states that the private investor may acquire more than 44.9% of the company, purchasing the shares that the employees do not buy from the 5% reserved for them.
The decree-law was published in the Diário da República.
“The minority stake subject to reprivatization may reach 49.9% of TAP’s share capital. This reprivatization will occur through a direct reference sale of up to 44.9% of TAP’s share capital to the reference investor and an allocation of up to 5% of the capital to TAP Group employees. If the mentioned employees do not acquire all the shares made available under the reprivatization, the reference investor will purchase the shares not acquired by TAP Group employees,” the document states.
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