Air France-KLM confirms its interest in TAP
The group is "very familiar with the Iberian Peninsula" and TAP could be "another option", Air France-KLM's chief executive said at a press conference.
Air France-KLM confirms its interest in acquiring a stake in TAP. At the press conference to present its quarterly results, the airline’s CEO, Ben Smith, admitted that TAP could be “an option”.
The group is “very familiar with the Iberian Peninsula”, and TAP could be “another option”, said Smith, whose company is in full recovery, albeit with a high level of debt.
The group reported a turnover of €8.1 billion in the third quarter, exceeding 2019 levels by €503 million. Operating income was €1.02 billion with an operating margin of 12.6%, also above the 2019 level. Net debt was down to €2.3 billion from end-2021 levels.
Air France-KLM “will commit on a formal basis” if there is a possibility, Ben Smith told journalists about his interest in the Portuguese carrier.
Portugal’s prime minister António Costa revealed at the end of September that the government plans to sell TAP capital in the next 12 months. However, the State Budget for 2023 does not include anything under about privatisations. Still, this month, Pedro Nuno Santos revealed that the TAP’s privatisation operation had not yet begun, adding that it will be “decided in the time and manner that best defends the national interest”.
“In such a strongly globalised and competitive market, it was always clear to us that TAP would not be able to survive in the medium term alone. TAP’s integration into a group would create important synergies and bring resilience to face the volatility that is so characteristic of aviation,” the Minister for Infrastructure referred.
