State pays 1.9 million to get 50% of TAP – publico

                 

                         
                     

                 

 
 

The government has reached an agreement with the Atlantic Gateway consortium of businessmen David Neeleman and Humberto Pedrosa in negotiations to reverse the process of privatization of TAP. The state will pay € 1.9 million to get 50% of the airline’s shares and Fernando Pinto is expected to remain as president of the company.

In addition to the 50% that the state will hold 5% of the capital of TAP is reserved for workers, as foreseen in the framework law on privatization. If there is complete adherence to the sale of this tranche, which has yet to be implemented, the private consortium will be limited to a 45% stake in the airline.

Still, the intention is that the management of TAP remains private. “The state will have 50% stake in TAP and the board will be joint (six members appointed by the state and six by the consortium). The management of the TAP has been of a private nature are right handed, “he told Express the Minister of Planning and Infrastructure, Pedro Marques. The same newspaper said that the state will have the casting vote in the strategic decisions and the right to appoint the president, who, it PUBLIC found, will remain the Brazilian manager Fernando Pinto.

The outcome of the negotiations will be presented Saturday at 9:30 am, a press conference led by Prime Minister, António Costa, and which will also be attended by the Minister of Planning and Infrastructure, Pedro Marques, and Finance Minister Mario Centeno. Also David Neeleman and Humberto Pedrosa will be at the meeting.

This agreement provides for completion of the negotiations that began last year, after the PS has formed government. The sale of TAP was completed in mid-November, a few days before the fall of executive Passos Coelho, who in 2012 had tried to sell 100% of the air carrier.

The government of António Costa had the reversal privatization enrolled in its program. But the aim was to return to hold a majority stake. Late last year, the Prime Minister assured in a press conference that the state would “take back 51% of the capital” of TAP. “The implementation of the Government program is not subject to the will of individuals who decided to sign a contract with the Portuguese State, in a situation in precarious least since they were signing with a government that had been fired the day before,” he said at the time.

But last month, the minister’s speech of Planning and Infrastructure has been lightened. In Parliament, Pedro Marques said he considered “important participation of a minority private partner in the company,” admitted the “possibility of sharing management.”