Saturday, February 6, 2016

“Government does not intend to intervene in the executive management of the TAP” – publico

                 


                         
                     


                         
                     


                         

                 

 
 

The government signed Saturday with the new owners of the TAP agreement that will ensure the rule half the airline’s capital. “It’s the talk that the key to understanding and we was understood,” said the prime minister, António Costa, after finance ministers, Mário Centeno, and Planning, Pedro Marques, have signed with entrepreneurs David Neeleman and Humberto Pedrosa a document that marks the strengthening of the state’s position in the company from the current 39% to 50%, while “keeping the TAP with the private company”.

the sale of the shares by the private is, however, subject to obtaining regulatory approvals and the “financial restructuring of TAP”, which should be defined until April 30, when it is expected the signing of the promise and sale contract, according to reports a synthesis of memorandum and which will serve as a basis for technical negotiations that have yet to proceed.

the state will pay 1.9 million euros (10.93 euros per share) to strengthen the position in the TAP at 11% and “is committed to the future, not holds more than 50% in TAP.”

“We will be partners not only for two years, but surely forever,” said Antonio Costa to Neeleman and Pedrosa, noting that “what was provisional” in the previous contract – as the state’s presence in the company for only two years, ensuring the routes for ten years and the hub in Lisbon for 30 years – is now definitive

“the Government does not intend to intervene in the executive management of the TAP”, also said the leader of the executive, stressing that Portugal “is a democratic state seeking foreign investment” and a country where the “law is fulfilled and rights they are guaranteed. ” With this agreement, which does not give the State the clear majority of the carrier’s capital – an objective that on several occasions the Government has guaranteed is your goal – is, however, guaranteed “the continuity of strategic vision” of TAP for country, Costa said.

“the state will always be the largest shareholder of TAP, forever, as it should be,” he said, in turn, the Minister of Planning and Infrastructure, Pedro Marques, who He had the mission to negotiate a new agreement with David Neeleman and Humberto Pedrosa. According to Pedro Marques there is now a “full partnership with the consortium” and the idea of ​​privatization reversal “is grossly exaggerated.”

A new marriage was
a ‘mess and give again “that allowed private accept the templates according to the State, having said that both had projects for TAP” not married “, he took Pedrosa. According to the owner of Barraqueiro group, there was “good will” and “dialogue” that allowed the process “ended in marriage.”

“There is a 50/50 agreement by the company will be private,” also he said, noting that he is “comfortable” and that management remains private and led by Fernando Pinto (although the chairman of the board of directors, to be appointed by the State, has the casting vote).

in the process of the sale of 5% to workers, the consortium poerá see decreasing its stake 45% if all the shares are subscribed. Otherwise, all actions that are not for the workers will be in private, that may well end up with a higher than 45% position.

Five years without dividends
If the political rights of the State in TAP will be higher than those of private, quite different to what has been set for economic rights. For five years, no party may withdraw from company dividends, but after this period, “and if there is a capital dispersion operation on the stock exchange,” the State “will have 18.75% of the economic rights” of TAP since subscribe 30 million from a bond issue of 120 million that was already hired by private. “We have this intention,” said Pedro Marques.

Ultimately, if there is a subscription that amount, the state share in the profits may be limited to 5%. “It was a difficult birth, but it was the way he found to protect those who make the capitalization of the company,” said a source close to the PUBLIC the consortium. This is because the capitalization plan of the company that was contracted with private Gateway (and already involved the injection of at least 180 million TAP) will continue in the same way.


                     
                 

                     

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