TAP and Azul, a Brazilian airline founded by David Neeleman, have entered into a trade cooperation agreement for the provision of "joint air transport services," according to a statement sent to the Portuguese Securities Market Commission (CMVM).
"TAP's relevant bodies have approved the conclusion of a trade cooperation agreement with Azul Linhas Aéreas Brasileiras SA," the note reads.
The agreement will include frequencies, available schedules, and origins and destinations covered by the two companies.
In the statement, the Portuguese airline - of which David Neeleman is a shareholder - says that "the cooperation agreement aims to establish a trade cooperation model between TAP and Azul, as commonly used in the aviation industry, to provide joint air transport services, thereby boosting the efficiency and diversity of the products and services made available to passengers, particularly with regard to frequencies, available schedules, and origins and destinations served by the two companies."
The company points out that the agreement "does not entail any change in the shareholder composition of TAP or Azul, which remain two legally independent entities."
Moreover, the entry into force of this agreement "is subject to prior verification of certain conditions," including "the parties' agreement on certain operational issues" as well as "the obtaining of permissions and/or non-opposition from, and reporting to, the relevant regulatory and competition authorities."
TAP's shareholders are both public and private. A 50% stake is owned by state-owned company Parpública, whereas 45% is owned by the Atlantic Gateway consortium, owned by Barraqueiro Group's Humberto Pedrosa and businessman David Neeleman