Portugal to re-nationalises TAP Air Portugal


Portugal’s government has agreed to pay €55 million ($62 million) to increase its stake in TAP Air Portugal, the national airline, to prevent the carrier from going bankrupt.

The government will own a 72.5% stake in the airline, up from the 50% stake it’s held since partially privatizing the airline in 2015.

The Portuguese government will not run TAP but will instead seek “qualified, experienced and competent aviation managers” to run the company.