Portuguese government scales back size of stake for sale

Although it had previously agreed to sell a 61% in TAP to the Atlantic Gateway consortium—comprising JetBlue Airways and Azul Brazilian Airlines founder David Neeleman and Portuguese bus company Barranquiro Group, last year, the Portuguese government has now scaled back the consortium’s stake to 45%. It has agreed to increase its shareholding to 50% from 34%, with the airline employees retaining 5%.