On the one hand, there are those who consider that TAP is able to return to the Portuguese 3.2 billion euros injected since 2020. On the other, there are those who warn that the evaluations have to be based on “the reality of the market and not bare estimates”.
The Prime Minister, Luís Montenegroannounced this Thursday that the government will privatize 49.9% of TAP.
This is the first step in starting with the sale of TAP, which will again have private shareholders after in 2020 the government of António Costa advanced to nationalization to reduce the impact of Covid-19 on the company.
Concerned are the public support of 3.2 billion euros injected in the airline under the restructuring plan because of the pandemic.
On this occasion, whether or not wanting, Portuguese taxpayers were sentenced to injection of money into the air carrier. Now, this Money can be re -seated.
The PSD considers that the start of the TAP privatization process allows at the same time recover the “significant” financial effort previously made by the Portuguese and safeguard the future of the conveyor national area.
This position was transmitted to journalists by the vice president of the social democratic bench Alexandre PoçoShortly after the decision made by the government to start the TAP reprivatization process.
“We understand that we are facing an important decision because, first of all, it seeks to recover the significant effort from the financial point of view that the Portuguese have made with TAP in recent years,” said Alexandre Poço.
The PSD vice president also stressed that the executive’s decision “safeguards the role that TAP as a strategic company for the national economy.”
“On the other hand, safeguard the hub of Lisbon and the other national airports and regional, while also aiming to safeguard the most strategic routes for the Portuguese, ”said the PSD leader, before referring to the issue of the company’s workers.
“This decision guarantees in the present and future the role of workers In the company, ensuring that this opening of capital will have about 5% for workers in this first phase of privatization of TAP capital, ”he said.
Speaking to the channel, the former president of the Board of Directors of TAP Miguel Frashoapplauds the decision of the government. The economist considers that TAP has all conditions to return to Portugal 3.2 billion of euros injected since 2020.
“A TAP has all the conditions to return what the country gave himwhat the Portuguese gave him; Because it’s not just the results. It has to do with the number of jobs created, direct and indirect, with taxes that are paid, with contributions to social security, tourists who are transported and who come to spend in Portugal, ”he said.
“This added makes, within 10 years, being well managed the TAP can return to the country about 3 times what taxpayers put To save her from 2020 to 2022, he said.
Most cautious sarment
Despite the position defended by the PSD and the former president of the Board of Directors of TAP, the Minister of Finance, Joaquim Miranda Sarmentomore demonstrated cautious about promises of recovery of money.
The ruler argued that recovering the state’s 3.2 billion euros injected It will be a difficult taskstressing that any assessment must be based on the reality of the market and not Until Estimates.
“We must be rigorous and look at the facts and reality. If 49.9% of TAP valid 3.2 billion euros would mean that TAP would be worth 6.4 billion euros. Air France-Klm, which has six times more planes and carries six times more passengers and is listed on the scholarship, is worth 3 billion euros on the bag, ”warned Miranda Sarmento after the Council of Ministers.
“TAP which is six times smaller than Air France-KLM would have to be double the company. It seems to me that reality and facts do not marry With that statement, ”he added.
TAP: “Either grow or die”
In an interview with this privatization, the Minister of Infrastructure, Miguel Pinto Luzwarns that, in turn, “TAP will have to grow or die”.
Still, the ruler said that the government will advance, for now, only with the sale of 49.9% of the company; And only forward, with no defined deadline, the rest can be sold.
Miguel Pinto Luz stressed that there is no hurry in the process, admitting that the sale It may not even happen, if there are no good proposals.
By the minister’s words, “The state is not on my hand”.
“If the proposal can not appear strictly fulfills what is requested, the state will come out of the business without any compensation. It is written in the decree-law. And this puts precisely pressure on those who come to buy, which has to present the right proposal, and puts the state at the right point where it should be.
How to value the company?
Miranda Sarmento stressed that entry of a strategic partner can value the 50.1% that will remain in the public sphere: “Participating in a large aviation group and realizing an expansion and investment plan can allow a appreciation of the company in the future”.
The new model provides for Management sharing through a parasocial agreement that will be discussed with the future buyer, to ensure that the State has a word to say in critical decisions.
The decree-law approved by the government on Thursday will have to pass the President of the Republic who, in October 2023, vetoed the document prepared by the government of António Costa to start with the privatization of TAP.
At the time, Marcelo Rebelo de Sousa decided to return the diplomaapproved by the Council of Ministers on September 28 of that year, considering that “ multiple doubts and ellipsis in the light of the desired maximum transparency of the process ”.
The reprivatization of the air carrier has been on the table since 2023, but was Interrupted with the fall of the last two PS and PSD governments.
This Thursday, the government has appointed Carlos Oliveiraformer secretary of state with the entrepreneurship and innovation portfolio, with new president of the Board of Directors of TAP.
Miguel Esteves, Zap //
