“TAP can not and must not be privatised under pressure," according to Minister for the Economy, Pires de Lima, who added that there have been several expressions of interest in buying the national airline.
"There are various good indications of interest. This is welcome, particularly from Dr. Miguel Pais do Amaral, but fortunately there is more than one expression of interest," said the minister at the" Shape Europe 2014" in Lisbon.
The questioning of the minister came as a result of news reports today stating that Miguel Pais do Amaral and the American Frank Lorenzo had delivered to the Government a non-binding offer to purchase 100% of TAP. The report added that the entrepreneurs also had provided guarantees from JP Morgan in the role of financial consultant to the consortium that would fund the purchase.
Pires de Lima said that "it is too early for the government to decide on this matter," adding that, "at the proper time the Council of Ministers will decide what to do in terms of the privatisation or not of TAP."
Pires de Lima reiterated that "the scenario is open, it is undecided," and argued that "TAP can not, and should not be privatised under pressure."
In December 2012 the government withdrew the sale of TAP to Germán Efromovich’s Synergy Group who despite being the only bidder was prevented from buying the company due to a convenient misunderstanding over bank guarantees.
The sale has been suspended ever since despite being part of the government’s disposal programme agreed with the Troika. In the State Budget for 2014 the Government stated that it "continues to monitor market conditions in order to re-launch the privatisation process of TAP as soon as the conditions for its success are met."
This continued government dithering has become an intriguing embarassment as successive ministers appear hamstrung over the sale as blame shifts from the Ministry of the Economy to the Council of Ministers and back again with unerring regularity.
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