LISBON: The 70-year long history of the Portuguese flagship carrier TAP changed on Tuesday when the government signed the contract of sale for 61% of the company to the consortium Gateway which had emerged victorious from the privatisation tender process.
Speaking at the signing, the Minister of Finance, Maria Luís Albuquerque, described the sale as the only viable alternative. “Taking into account the persistent financial difficulties of the company and the European Union’s legal restrictions on re-capitalising public companies, privatisation represents the only solution to ensure the viability of TAP as we know it today,” said Albuquerque.
