Sale of TAP-Air Portugal concluded in June

19 May 2015

The Portuguese government intends to finish the sale of 66 percent of the TAP Group by next June, the Secretary of State for Transport, Sérgio Monteiro said in Lisbon recently.

By then, said the Secretary of State cited by the Portuguese press, the government wants to select a winner and to sign the sales contract, although conclusion of the process and the transfer of ownership of shares to the private investor, will take a few months, as authorisations from the regulatory authorities are required.

The government is now analysing the proposals delivered on the last day of the deadline by the business group of David Neeleman, which controls Brazil’s Azul, together with Portuguese businessman Humberto Pedrosa, of road transport group Barraqueiro, by German Efromovich, of Brazil and Colombia’s Avianca, and Portugal’s Miguel Pais do Amaral, of Quifel Holdings.

The board of TAP has until Wednesday, 20 May, to comment on the strategic project presented by the three candidates who made bids for the air carrier bids and Parpública, the state holding company that holds the shares of TAP Group, has until Friday to issue an opinion on the three proposals from a legal standing and in terms of financial gains.

Portuguese newspaper Público reported that the Portuguese government on 28 May intends to make an “important decision on the privatisation of TAP” and at a meeting of the Cabinet is expected to decide who is the winner or to open an additional period of negotiation to improve the proposals. (macauhub/PT)