Two Bids In Running For TAP Portugal Stake

The Portuguese government has vetoed one of the three bids for a 61 per cent stake in TAP Portugal.

The Portuguese government has vetoed one of the three bids for a 61 per cent stake in TAP Portugal.

The rejection of the bid from Quifel Holdings – which has stakes in renewable energy and finance businesses – leaves the Gateway consortium, led by Azul founder David Neeleman, and the SAGEF consortium, which is led by Germán Efromovich chair of Avianca Holdings, in the running to privatise the carrier.

At the beginning of May pilots from TAP Portugal and its regional partner Portugália took part in a 10-day strike in protest of the airline’s privatisation, which cost TAP a reported €35m ($39.4m) in lost revenue and expenses.

TAGS: Europe
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