AIRWEETS.com

Portugal's TAP Airlines makes another step towards privatization with President Marcelo Rebelo de Sousa approving the plan to sell 51% of the shares. The Portuguese government will retain only 49% of the shares, while the remaining are to be bought by private investors and TAP's employees. Several major airlines, including Lufthansa and KLM, expressed interest in purchasing shares in TAP.

The move results from years of unprofitability and the significant governmental effort to bail out the company during the COVID pandemic. Sources indicate that the step was taken to avoid a fate similar to that of Alitalia, Italy's former flag carrier, which ceased operations in 2021.

The process of privatizing TAP will extend till the end of 2025, with negotiations and reforms ongoing.