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Portugal puts 66% stake in TAP airline up for sale

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Staff writer ▼ | November 14, 2014
Portugal's government decided make another attempt at privatising TAP, putting 66 percent of the airline up for sale.
TAP airline
New attempt   Something for sale, something for employees
"We have the intention of selling 61 percent of the TAP Group's capital directly to one or several investors and reserve 5 percent for employees," junior transport minister Sergio Monteiro said.

Economy Minister Antonio Pires de Lima disclosed in September the government had received approaches from four "credible" bidders and was reconsidering privatising the airline and whether or not keeping a controlling stake.

Among the bidders is South American businessman German Efromovich, owner of the Colombian carrier Avianca. The Portugese government judged the bank guarantees offered to be insufficient and postponed the sale indefinitely.

In September a consortium formed by American businessman Frank Lorenzo and Portugese entrepreneur Miguel Pais do Amaral also threw its hat into the ring. US-Brazilian businessman David Neeleman, founder of JetBlue in the United States and Azul in Brazil, is also interested as well as Globalia, the parent company of Air Europa.