The Spanish Globalia gave up entering the race for the acquisition of TAP, said on Wednesday the group’s president, Juan José Hidalgo. Speaking to Spanish media, from Miami, USA, entrepreneur justified the decision with the high indebtedness of the Portuguese airline.
“We gave up that idea, you can not buy a company with so much debt that we can not restructure and manage. We can not invest and stay bound hand and foot. We give because we can not manage according to private criteria, “said Juan José Hildago.
The businessman, founder and owner of Globalia, would be to refer to the fact that the State remain in the capital initially with a share of 34%, and it was signed an agreement with nine unions that provides, for example, the prohibition of the buyer advance redundancies for 30 months or while the state remains in the capital. As for the debt of TAP, the latest results relating to 2014, revealed that grew to 1062 million euros, with losses to skid to 85.1 million.
The Globalia, which owns the airline Air Europa, was one of the investors interested in the privatization of TAP, the Government re-launched in November, after the first attempt having failed, at the end of 2012, with the rejection of the offer of German Efromovich.
In the Spanish group, there are three other air carriers concerned: the Colombian Avianca, Germán Efromovich, and Brazilian Gol and Azul. Also the Portuguese entrepreneur Miguel Pais do Amaral is assessing the business, along with three private equity .
The Executive has until May 15 to investors to file a binding offer to purchase by TAP and want to choose the winner by the end of the first half.
The withdrawal of Globalia arises an air carrier tension high, since the drivers will decide on Wednesday in a general meeting, to proceed with a strike, accusing the TAP and the government of not respecting the sealed agreement in December.
President of TAP wrote a letter to employees, in which warns of “serious consequences” that a strike by pilots may result.
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