The Portuguese government plans to create a sovereign wealth fund in order to maintain shares in strategic sectors of the economy. This is reported by foreign media with reference to Prime Minister Luis Montenegro.
According to L. Montenegro, "the fund will become an instrument of autonomy and government intervention in strategic sectors, including energy, banking, telecommunications and airport infrastructure management, if concessionaires fail to fulfill their obligations."
The government's proposal came amid an increase in transactions on the M&A market in Portugal. In particular, the French bank BPCE completed the acquisition of Novo Banco in April for 6.7 billion euros ($7.68 billion), and the government is currently selling a minority stake in TAP Air Portugal.
The new fund may become an analogue of the Spanish Sepi fund, which manages state assets in strategic companies and is used to strengthen state influence in the telecommunications and defense sectors.
Currently, the Portuguese government controls or owns stakes in a number of strategic assets, including TAP, Caixa's creditor Geral Depósitos, and Galp Energia. Some of these blocks of shares are controlled by the state-owned company Parpública.
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