June 30, 2020 / 9:30 AM / 4 days ago

Portugal to submit decree to president to nationalise TAP airline - report

LISBON, June 30 (Reuters) - Portugal’s government will submit a decree to the country’s president to nationalise flag carrier TAP, weekly newspaper Expresso reported on Tuesday on its website.

The move came after the state, which holds 50% of TAP, and Atlantic Gateway, a private consortium owned by David Neeleman which holds 45%, failed to reach an agreement over a 1.2 billion euro ($1.34 billion) rescue loan from the state for the airline, Expresso reported.

TAP was not immediately available for comment. ($1 = 0.8922 euros) (Reporting by Victoria Waldersee, Catarina Demony, Editing by Andrei Khalip)

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