“Contrary to what was stated in the request of the same PCP“The decision to re-privatize TAP is actually a decision for the country, for the country’s economy, for national sovereignty, given the strategic position of the airline,” said João Galamba.
“The communists consider the sale of most of the airline’s capital “a crime against the country’s economy and against national sovereignty.”
The Minister of Infrastructure also assured that the ongoing re-privatization process “will not be like the disastrous process of 2015, which took place behind closed doors.”
João Galamba also stated that the idea of the state pouring 3,200 million euros into the airline after difficulties exacerbated by the Covid-19 pandemic is linked to the increased public participation agreed in 2016 when the PS government partially reversed the privatization carried out by PSD/CDS-PP .
“This government was never fixated on nationalizing the company,” the official said, adding that “even if TAP were 100% private in 2020, it would have had to be bailed out by the state” because private shareholders did not have the capital to investing in a company.
João Galamba also emphasized that the true value of TAP will be enhanced with the choice of location for the new airport.
On September 28, the government announced its intention to sell at least 51% of TAR’s capital, leaving up to 5% for workers, and wants to approve the terms of privatization by the end of the year or “at the latest” early 2024 in the Council of Ministers, hoping to complete the operation in the first half of next year .
At the press conference, Finance Minister Fernando Medina and Infrastructure Minister João Galamba presented the main strategic objectives of the TAP sale, which include the maintenance and development of the “hub” (an airport that serves as a passenger terminal). distribution centre), the growth of TAP, the investment and jobs that a new investor can bring to Portugal through high-value activities in the aviation sector, the best use of the national airport network, the increased value and growth of direct traffic. , especially at Porto Airport, as well as the price and value offered for the acquisition of shares in the company.
The actual sale will depend, according to the government, on the process of hearing interested parties.
The government has begun the process of selecting consultants who will assist the government in this operation.
The government could sell 51% or “much more”
The infrastructure minister said today that the government could sell 51% of TAP’s capital or “much more” depending on offers, and that strategic interests could theoretically be better protected by selling 80%.
“The government could sell 51% or much more than 51%, depending on the offers made. It is theoretically possible that strategic interests are better protected by selling 80% rather than just 51%. , because it depends on the supply,” said João Galamba, who was heard by the parliamentary commission for economy, public works, planning and housing on the announcement of the privatization of TAP after a mandatory request from the PCP.
The Minister was responding to questions from MP Carlos Guimarães Pinto of the Liberal Initiative (IL) and added that many questions about the details of the operation that the government intends to carry out will be answered when the features and specific proposals of the Liberal Initiative are revealed. The parties are known and interested in purchasing.
At the start of the hearings, which the PS parliamentary group failed because the PCP took the “trump card” of the government’s request, João Galamba assured communist MP Bruno Dias that the government did not want “vulture funds to participate in the privatization process” but rather ” reputable companies or consortiums of reputable companies.”
Faced with an insistence from Left Bloc MP Isabel Pires to explain to the minister how the government would effectively guarantee the country’s strategic interests if it sold almost 100% of TAP, the infrastructure minister repeated examples of European company mergers in which the respective governments (Spanish, French, Dutch and Irish) guaranteed the strategic interests of each country, in particular through the maintenance of a “hub” (an airport serving as a passenger distribution center).
“It seems that all privatization processes are terrible by definition. No, this is not necessary,” Galamba answered the bloc deputy.
On September 28, the government announced its intention to sell at least 51% of TAR’s capital, leaving up to 5% for workers, and wants to approve the terms of privatization by the end of the year or “at the latest” at the beginning. 2024, in the Council of Ministers, hoping to complete the operation in the first half of next year.
Source: The Portugal News