Portugal announces recovery of 50% ownership over TAP Portugal

Portugal government announced (05-Feb-2016) that it has recovered the 'strategic control' over TAP Portugal after the signing of an MoU with Atlantic Gateway. The government stated that it does not intend on intervening in daily operations of the carrier, maintaining the carrier as a private company. The deal includes the payment of EUR1.9 million by the Portuguese government in exchange for a 50% share over the carrier, instead of the prior 34%. Atlantic Gateway will hold 45% of the carrier, from 61%, with 5% priority purchase option by the carrier's workers, or Atlantic Gateway. The state commits to not holding participation superior to 50%. The state will appoint the chair of the 12 elements board, composed by six appointees by the state and six by the consortium. The three members of the executive commission will be indicated by the consortium. Atlantic Gateway co-owner Humberto Pedrosa said that "the important that it is assured the private management of the carrier and our strategic planning, and that this agreement will contribute strengthening TAP". [more - original PR - Portuguese]