Ruler stresses that strategic future of the Portuguese airline will have a word of the State
The Minister of Planning and Infrastructures, Pedro Marques, said today that the agreement signed with Atlantic Gateway for buying and selling of TAP shares corresponds to a definitive stabilization of the company.
“the most important is that these instruments correspond to definitive stabilization the company in its new format, “said Pedro Marques at a press conference, adding that the strategic future of the Portuguese airline will have a word of Portuguese State.
the purchase agreement and sale of shares of TAP, signed Friday, allows the state to keep 50% of air carrier’s shares, as a result of negotiations with the Gateway consortium, which had 61% of the company’s capital and is now 45% and may reach 50% with the acquisition capital available to workers.
the Minister Pedro Marques considered that this agreement makes the Portuguese are represented in the company and means that the state always has a word to say about the strategic future of the company.
“at the same time we have a private shareholder, we have a most capitalized company, stronger, to ensure the employment of workers, but above all a very important company for tourism and for the country in relation to the Portuguese-speaking world, “he said.
journalists, the minister also stressed that the” flagship company thus gained more credibility and stability. “
on the other hand, Humberto Pedrosa, representing the Atlantic Gateway, said that the company’s management will be private, “the executive committee is private, the company will operate as a private company”
the board of directors will have six members nominated by the six elements. private party, and the president appointed by the State shall have the casting vote. In this regard, the minister indicated has not yet made any calls to the company management.
TAP will have to negotiate its financing structure with creditors, and this time a bank debt of around 600 million euros, according to Humberto Pedrosa, who believes that the increased participation of the State in the company give a “different comfort to banks”.
in the same vein, the Minister of Planning considers that “there is a dimension stability “with 50% of the state” which is an important factor for trading with the financial system. “
” we believe that, from here, TAP has a lot more stable conditions, with the presence of a sovereign state in half of the company, “he said.
As for state participation in the capitalization process, Pedro Marques advanced that in June, the state will subscribe to a value of 30 million euros through a bond loan.
“the repurchase of shares by the State is made the same value they had been sold to the Atlantic Gateway,” cautioned the minister.
the Minister has the expectation the whole process is completed within three months – with the effective transfer of shares and the appointment of the board – but noted that it is necessary to start the negotiation process with the bank, together with the Competition Authority and notification process operating public sale to employees.
workers may buy five percent of the shares. Those that are not acquired pass into the hands of the Atlantic Gateway.
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