Repurchase of 50% of the TAP state approved by the Competition – publico

 
         

                 

                         
                     

                         

                 

 
 

The Competition Authority (AdC) gave the green light to the operation embodying the new shareholder division of TAP, Parpública and the Atlantic Gateway consortium, the Portuguese businessman Humberto Pedrosa and American David Gary Neeleman.

at issue is the repurchase of shares by the Parpública to the state get 50% of the airline’s capital, currently controlled by a consortium of two businessmen. The Competition Authority decided by the “no objection” to the concentration, not putting obstacles to business, considering that “it is not likely to create significant barriers to effective competition in the relevant markets identified.”

the decision on joint control of TAP Parpública, the holding that manages the State’s stakes in public companies, and the Atlantic Gateway was taken last Thursday, August 25.

But when in October 2015 ruled on the privatization of the Portuguese carrier, the regulator not impeded. At issue then was the sale of the majority stake in TAP the Atlantic Gateway (61% of the shares, leaving the Portuguese state with a 39% position). The privatization model has been reversed by the current government, which negotiated with Pedrosa and Neeleman share buybacks by the State, which is just 50%.

The shareholding of the Atlantic Gateway will be between 45% and 50% because it will depend on the share capital actually be in the hands of workers, depending on the outcome of the public offer for sale of 5% that is destined to company employees.

the conclusion of business will give the state 50% of the company’s capital is expected for September. Only then will start selling to workers. But for the transfer of shares takes place smoothly, it is necessary to know whether the Civil Aviation Authority (ANAC) gives green light to the operation.

The regulator chumbou the first model for sale, as the private consortium that has become largest shareholder of TAP did not meet EU rules require that companies in the sector are controlled by European investors. In June, the Atlantic Gateway sent to ANAC elements on the amendment of the shareholders’ agreement between Pedrosa and Neeleman, with which the Portuguese partner will have gained more power.

President’s aviation supervisor promised to review the changes to August, but the final opinion is yet to know. In the limit, if it considers that the consortium does not meet European standards, the company will lose its license to operate.

Before the Competition Authority to act, the competition regulator in Brazil, where TAP is present, I had given the nod to the operation in July. Also the Brazilian Administrative Council for Economic Defense (CADE) has not imposed restrictions. The Portuguese regulator had been notified of the operation on 20 July. Rachel Almeida Correia