Carlos Tavares Eyes TAP Air Portugal Privatization
Carlos Tavares, the Portuguese national and former CEO of automotive giant Stellantis, has expressed interest in participating in the planned privatization of TAP Air Portugal (TP) following encouragement from friends, as reported by Portuguese media. Speaking to the newspaper Expresso, Tavares clarified that he is not seeking an executive position within the flag carrier but is open to joining the company at the board level or as an investor, potentially becoming a shareholder.
Tavares emphasized that his primary motivation is to find the best solution for Portugal. “What matters is finding the best solution for Portugal. And so, obviously, with all the requests I have received from many friends, what seems obvious to me is that, first, it has to reflect the strategic interest,” he stated. He also highlighted a “patriotic appeal” to the investment, although he noted that this aspect is difficult to explain. Despite his interest, Tavares affirmed that TAP’s performance alone warrants consideration for his involvement. “I think we should thank and congratulate the current management team at TAP,” he added. “Portugal is doing an excellent job, and this proves that the company can be viable and I think that the government is focused on a longer-term perspective and is absolutely right.”
Tavares clarified that he has not discussed the TAP privatization with the government, which holds the authority to make the final decision on the sale, being the sole owner following the 2021 nationalization. TAP’s privatization efforts were temporarily halted by Prime Minister Luís Montenegro’s government ahead of the 2025 state budget due to concerns that the topic might jeopardize the budget’s approval. However, the budget was approved in early December, paving the way for further action.
While the new budget does not explicitly mention privatization, it includes the formation of a working group tasked with analyzing the state-owned business sector. Headed by João Carlos Pinhão, vice president of the sovereign wealth fund Parpública, the group aims to determine which state enterprises should be sold. Although TAP is not specifically named, earlier reports indicated that Parpública would lead the privatization process and had begun hiring advisers months prior. The working group is expected to present its findings by the end of the first quarter of 2025.
A spokesperson for TAP informed ch-aviation that the privatization process is a matter concerning the shareholder and could not provide further details. The search for Portuguese investors remains a contentious issue, as the opposition opposes full denationalization. Only large airline groups have the financial capability to independently finance the bid. Interested parties include Air France-KLM, IAG International Airlines Group, and Lufthansa Group, all of which have engaged with government representatives. In November, Humberto Pedrosa, a former shareholder of TAP, indicated his potential interest in rejoining the airline’s ownership.
The involvement of a high-profile figure like Carlos Tavares could influence the privatization process, bringing his extensive experience in the automotive industry to the aviation sector. However, as the government remains the ultimate decision-maker, Tavares’ potential role will depend on the strategic alignment between his vision and the government’s objectives for TAP Air Portugal.
Related News : https://airguide.info/?s=TAP+Air
Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com