Portuguese government looks at TAP disposal decision this year

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By admin September 24, 2014 20:03

Portuguese government looks at TAP disposal decision this year

Portugal’s government may decide before January on whether to proceed with a second attempt to dispose of state-owned airline TAP-Transportes Aereos Portugueses, as more potential buyers express interest.

“It’s probable that a decision will be made by the end of the year,” Secretary of State for Transport Sergio Monteiro told Portuguese media in Lisbon.

Monteiro said earlier this month that TAP is “in better shape to be sold now than in 2012”, when Portuguese authorities rejected the sole offer from Brazilian investor German Efromovich, owner of the Avianca brands in South America. The government agreed to dispose of TAP as a condition for emergency aid from the International Monetary Fund and European Union in 2011.

Net income last year at Lisbon-based TAP surged 42% to €34 million ($43.7 million) as the airline added flights to Brazil and Africa.

Monteiro declined to comment on potential buyers. A spokesman for Portuguese investor Miguel Pais do Amaral said on September 18th that he and Frank Lorenzo, former chairman of Continental Airlines, expressed interest through a non-binding proposal after officials indicated they were open to offers.

“Our expectation is that the government will re-launch the sale process of TAP in the coming weeks,” Salvador da Cunha, the spokesman, said by phone.

admin
By admin September 24, 2014 20:03