Miguel Pais do Amaral, the Portuguese businessman that the government ruled on Thursday the race to TAP, admitted to PUBLIC which presented a non-binding offer by the company, which in contrary to the rules of the specifications led to its removal from the list of candidates. The investor had asked for between four to six weeks to submit a final offer.
“I knew it was a risk [submit a proposal non-binding]. We are working on this for 18 months and was critical information that was not presented in the second half of May,” said Pais do Amaral, explaining that “more time was needed to assess the impact of the strike ten days of the riders “, which ended on 10 May. – just five days before the deadline for submission of offers to buy the company
On offer we did, entrepreneur asked for more “from four to six weeks” to submit a proposal by the company. “We needed more time. Surrender a proposal binding within that period would be irresponsible,” he said.
On the other hand, the investor was relying on the purchase of TAP ensuring that the state would take measures to creditors for debt renegotiation, as well as a long-term agreement with the unions.
Pais do Amaral says, so that “was not surprised” by the decision taken by the Government on Thursday, that the Council of Ministers approved the opening of the proposals negotiated with only two the three candidates:. David Neeleman (owner of Blue) and Germán Efromovich (which controls the South American group Avianca)
The Portuguese businessman will not appeal the decision “not to create problems for the government,” but leaves a warning: “If there is privatization, we are here.” Pais do Amaral considers that there is only “50% chance” the process is successfully completed and is available to run again for privatization of the company.
The offer we delivered, in consortium with three international funds whose name declined to reveal, presupposed the injection of 325 million euros in TAP, but did not provide any value for the company’s shares. Since the business plan was the administration itself of the air carrier.
To do Amaral Pais, the added value of the proposal “it was that maintain independent TAP and based in Lisbon,” preventing “became a subsidiary” of a foreign aviation group. “Avianca and Blue, though not comparable, are not world-class companies,” he said, saying that it is “highly unlikely” that may join now any of these two candidates.
About the fact of having lost an ally, the owner of Barraqueiro group, provided that, in October 2013, began to analyze the privatization of the company, the businessman said he was “caught by surprise”. Humberto Pedrosa eventually join David Neeleman. “It was an important partner in qualitative terms”, took Pais do Amaral.
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