TAP candidates have until June 5 to deliver end offers … – publico

                 

                         
                     

                         
                     

                         

                 

 
                         

The candidates for privatization of TAP have until June 5 to deliver a final proposal airline purchasing, according to an order published on Wednesday in Gazette .

                     

                          As the PUBLIC had advanced, the document, signed by Finance Minister confirms that the first meetings with the two consortia that passed to the second phase of the operation began on Wednesday, having been further meetings planned for Friday.

“The period for carrying out the negotiation stage (…) -If starts on May 27, 2015,” the order, adding that “the time to proceed with the presentation binding proposals improved and final acquisition of shares subject of the direct sales referral process, in accordance with the rules established in the aforementioned specifications, ends at 17 pm on June 5, 2015. “

Candidates who passed the second round are Germán Efromovich, which controls the South American group Avianca and running for this privatization by Synergy holding, and David Neeleman, owner of Blue that joined the entrepreneur Portuguese Humberto Pedrosa. Along the way was Miguel Pais do Amaral, whose tender was rejected by the Government for not binding (as sent the tender documents).

The meetings with these investors, which took place on Wednesday, have served to the executive to rule on the points I would like to see improved, particularly as regards the price to pay for the shares and the value they require injecting in TAP.

It is recalled that, on the side of Germán Efromovich , 35 million payable by the carrier are conditioned to certain requirements such as the ability of the State to recover € 120 million of retained earnings in Venezuela and Angola. In addition, the businessman, who asked the Polish passport to buy TAP proposes to capitalize the company with € 250 million for two years and deliver almost immediately, 12 new aircraft.

Since the proposal David Neeleman knows only the amount proposed capitalization of around EUR 350 million. This investor had to join Humberto Pedrosa result of the rules imposed by the European Union, which prevent non-European investors to control airlines within the EU. However, the consortium legality that yet assembled is being evaluated by the law firm that the government hired for this purpose.

The coming days will be intense, because, again, these two candidates will want to save the game until the end and, therefore, the final proposals that do reach the Government on June 5 will be closed to the letter. Efromovich arrived in Lisbon on Thursday and Neeleman is now also in Portugal.

The economy minister had said that meant the winner was chosen by the end of the second half of June, even to respect the schedule initially defined and requiring signature of the contract by the end of this month.