Former CEO of automotive giant Stellantis, Carlos Tavares, a Portuguese national, has revealed to Portuguese media that he is looking into playing a role in the planned privatisation of TAP Air Portugal (TP, Lisbon) after being encouraged to do so by friends.

Speaking to the newspaper Expresso, he said he was not interested in an executive role at the flag carrier but that he could join the company “at board level” or as an investor, including becoming a shareholder.

“What matters is finding the best solution for Portugal. And so, obviously, with all the requests I have received from many friends, what seems obvious to me is that, first, it has to reflect the strategic interest,” he stated, adding that there is a specific “patriotic appeal” to the investment that cannot be explained. However, he stressed that he believes TAP’s performance alone merits the consideration.

“I think we should thank and congratulate the current management team at TAP,” Tavares, who has no experience in aviation, said. “Portugal is doing an excellent job, and this proves that the company can be viable and I think that the government is focused on a longer-term perspective and is absolutely right.”

The former executive also claimed that he never discussed the TAP privatisation with the government, which will be the one making the final call on the sell-off as it is the sole owner of the company as a result of the 2021 nationalisation.

TAP’s privatisation efforts were paused by the government of Prime Minister Luís Montenegro ahead of the 2025 state budget as there were fears the topic could endanger its approval. However, the budget was approved in early December, opening the way for action.

The new budget does not specifically mention privatisation but does foresee the creation of a working group that will analyse the state-owned business sector. According to a decision announced after the budget, the group will be headed by the vice president of the sovereign wealth fund Parpública, João Carlos Pinhão, and will have the goal of analysing which state enterprises should be sold. TAP is not mentioned by name in this decision, but earlier media reports said that Parpública would lead the privatisation process and that it had started hiring advisers months ago.

The working group is expected to reveal its findings by the end of the first quarter of 2025.

A spokesperson for TAP told ch-aviation that the privatisation is a matter that concerns the shareholder and was unable to provide additional details on the plans.

Finding Portuguese investors has been a hot topic linked to TAP’s new ownership as the opposition does not want full denationalisation. However, only large airline groups could finance the bid independently. Air France-KLM, IAG International Airlines Group, and Lufthansa Group are all interested in the Portuguese carrier and have met government representatives. In November, Humberto Pedrosa, a former shareholder of the airline, said he may again enter the airline's ownership.