HNA eyes stake in Portuguese airline
Print Edition
CHINESE aviation and tourism giant HNA will buy a stake of up to 20 percent of Portuguese national airline TAP, a private shareholder of the European company said on Saturday.
HNA will buy an initial 7 percent stake of Atlantic Gateway, the private consortium that owns half of TAP, said businessman Humerto Pedrosa, adding that its direct and indirect stake could reach 20 percent.
The indirect stake could come through HNA’s ownership since a November buyout of 23.7 percent of Brazilian airline Azul’s shares.
The Azul carrier was founded by United States-Brazilian businessman David Neelman, who is Pedrosa’s associate.
Portuguese weekly Expresso said HNA’s acquisition of TAP shares should come in the next three months.
The Chinese group is set to acquire part of the 90 million euros (US$100 million) worth of convertible bonds in shares issued by Azul to bail TAP out.
TAP’s private investors and Portugal’s new Socialist government on Friday signed an agreement to partially review the privatisation of the airline.
The government also boosted its stake in the company to 50 percent from 39 percent, in line with an election pledge.
The outgoing conservative administration made the sale of TAP to the consortium headed by Neeleman and Pedrosa. The new anti-austerity government pledged to bring TAP back under state control.
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