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Portugal unwinds privatization of TAP, agreement to be signed by Saturday

Xinhua, May 20, 2016 Adjust font size:

An agreement aimed at unwinding the privatization of the country's flag carrier TAP will be signed by Saturday, according to Portuguese Lusa News Agency, citing Portugal's Minister for Planning and Infrastructure Pedro Marques on Thursday.

While Marques failed to guarantee an exact date for the agreement to be signed, he assured it would take place by Saturday.

Portugal's Socialist Party government agreed to unwind the privatisation of TAP with Atlantic Gateway earlier this year.

Socialist Prime Minister Antonio Costa now wants to pay 1.9 million euros (2.13 million U.S. dollars) to own a 50-percent stake in the airline. The government currently holds a stake of around 30 percent in TAP, while private consortium Atlantic Gateway has a 61-percent stake.

The previous center-right government carried out the privatization of TAP as part of the austerity measures it implemented under the 78-billion-euro bailout deal the country signed in 2011 with its international creditors. Portugal exited the bailout program after three years. (1 euro = 1.12 U.S. dollars) Endit