Pedrosa believes that state in the TAP facilitates negotiations with banks – RTP

Christopher Marques – RTP May 21, 2016 12 18 / updated on May 21, 2016 12:25 | Economy

The agreement is closed but the process will continue. The Government and the Atlantic Gateway as have closed the negotiations that will allow the state to keep 50 percent of the capital of the Portuguese air carrier.

The Government will pay 1.9 million euros for the state to stay with half of the airline’s shares, instead of the 34 per cent provided for in the previous agreement. Minister Pedro Marques ensures that the price given by the repurchase of shares is the same as the amount at which they were sold.

On the other hand, the Gateway consortium goes from 61 to 45 percent of the company’s capital . You can also acquire five per cent reserved for workers if they do not learn them.

The Minister Pedro Marques points out that this agreement makes it possible that the state remains the largest shareholder of the company, ensuring that in all strategic decisions, the state will have a say. The private shareholder gets “the essence of executive management”, with the entry allowed the capitalization of the company.
State gives comfort to banks

 In response to questions from journalists, Humberto Pedrosa explained that the financial debt TAP around EUR 600 million. The representative of the private shareholder said he expected the bank to facilitate the review of debt maturities, arguing that maintaining half the capital under the jurisdiction of the State “will give a different comfort” to the financial system.

“I think it will be much easier to make up the debt restructuring, “says Humberto Pedrosa. the minister Pedro Marques also considers that the State’s presence” is an important factor “for negotiation with the financial system.

asked about a possible injection of public capital in TAP, the official assured that is only provided the debenture loan of 30 million euros.

There are also plans to indirect entry of China’s HNA in the Portuguese carrier. Humberto Pedrosa He confirmed that the HNA will enter the capital of Blue, which in turn has subscribed for the TAP that can be converted into shares.

the HNA will also enter the capital of the Atlantic Gateway with seven participation by percent. the partner David Neeleman at Gateway acknowledges that, with these two indirect interests, China’s HNA can hold up to 20 percent of TAP.

the Minister Pedro Marques said to have the expectation that fruit the participation of HNA, there is a direct link to East, particularly to Beijing.
Ongoing process


 The official clarified that have signed a purchase agreement and sale of shares and a shareholders’ agreement, which includes the “strategic commitment” of the company.

The minister also pointed out that the process of capitalization of the company continues and that the state will in June subscribe a bond loan of EUR 30 million for TAP. “The company will work as a private company “

the implementation of this loan had been advanced in February, when signing the Memorandum of Understanding.

it will be later named the new Council Management will be shared between: six representatives of the private consortium and six state. It will be up to the State to appoint the Chairman who has a casting vote.

The executive committee of the company, which ensures the daily management of TAP, will be named by the Atlantic Gateway. “The company will operate as a private company,” says Pedrosa, showing it is convinced that “there will be no obstacles to the management.”

After signing the contract, it follows the process of renegotiation of the debt and the sales transaction of up to five percent of the capital to employees. Upon completion of all these steps, the process will be officially closed, made the transfer of the shares, appointed the Board of Directors and notified the regulator.

Government “like” the process was completed in three months but he pointed out that this is just an “ambition” and that its fulfillment is dependent on how quickly will be held negotiations with the bank and the evaluation of the regulators. “our flagship company won so greater continuity and stability “

Although the process is still ongoing, the Minister Pedro Marques ensures that the now signed agreements” are the final stabilization of the company in its new format. ”

The official stresses the importance of the state have a say in the strategic decisions of TAP, emphasizing its importance for tourism and relations with the diaspora and the Portuguese-speaking world.

“our flagship company won thus greater continuity and stability,” concluded the minister.