Privatisation of airline TAP – Air Portugal has only one potential buyer

11 December 2012

Colombian businessman Gérman Efromovich has put forward the only proposal for acquisition of Portuguese flagship airline TAP – Air Portugal under the terms of which he proposes to invest 4 billion euros in the company over the next five years, the Portuguese press reported.

Also according to the Portuguese newspapers, the proposal from Efromovich, who owns Colombian airline Avianca, includes taking on TAP’s estimated debt of 1.2 billion euros, replacing its share capital and handing over payment of 20 million euros to the Portuguese state.

The investment included in the proposal is intended to renew the airline’s fleet, which in 2015 will start taking delivery of the new A350s already ordered from Airbus.

Speaking to Portuguese financial daily newspaper Jornal de Negócios, o the Colombian businessman said that TAP’s biggest problem “are the several billion euros needed to renew the fleet that were not invested over the last ten years.”

Meanwhile, the EAMA consortium, headed up by Corporación America and which includes Sonae Sierra, of Portuguese group Sonae, said Monday it had “finished its proposal for ANA – Aeroportos de Portugal” and that the offer for the Airport management company was, “technically and financially competitive.”

As well as EAMA the race to buy ANA also includes the Vinci, Fraport/IFM and CCR/GIP/Zurique consortiums and the sale is due to be concluded this year and net the Portuguese government over 2.5 billion euros. (macauhub)