Frederico Saraiva de Almeida, Vice President of SPAC, emphasized that the union would prefer “the State not to be involved in this business at all” and, if involved, “to hold a minority position.”
The union believes “the company has often been used as a political tool, with decisions motivated by political reasons rather than commercial ones, resulting in the current situation.”
SPAC also hopes that “it will be possible to set rules in the terms of reference that protect the workers,” expressing a desire to provide technical input on these matters.
Regarding the safeguards imposed by the Government for the transaction, Frederico Saraiva de Almeida stressed the importance of guaranteeing the maintenance of working conditions.
The Government approved the decree-law to initiate the privatization process of TAP, aiming to sell up to 49% of the airline’s capital.
The approval of the decree-law sets the initial step for the sale, marking a return to private shareholders following the 2020 nationalization prompted by the pandemic’s impact on air transport.
The decree-law will also require the President’s approval. In October 2023, President Marcelo Rebelo de Sousa vetoed the document from António Costa’s Government, citing “multiple doubts and reservations regarding the desired maximum transparency of the process.”
The reprivatization of the airline has been under consideration since 2023 but was stalled by the collapse of the last two PS and PSD governments.
Since then, the airline’s financial performance has slowed. In 2024, it returned to profitability, though down nearly 70% from 2023, with profits at 53.7 million euros.
