Regulator approves sale of 61% of the TAP which was reversed by the Government – Diário de Notícias – Lisbon

National Authority of Civil Aviation gave the green light to the sale of the firm to a consortium of Neeleman and Pedrosa

The National Authority of Civil Aviation (ANAC) today approved the sale of 61% stake in the TAP consortium to the private Atlantic Gateway, Humberto Pedrosa and David Neeleman, the business implemented by the previous government and rolled back by the current.

In a statement, the FAA announced that the Board of Directors decided that the control structure of TAP and Portugalia, arising out of the purchase by the Atlantic Gateway SGPS 61% of the share capital of TAP, is in compliance with the provisions of european Regulation, which requires that the companies holding licenses for the air transport community belong and are effectively controlled by member States and/or nationals of member States.

This is the supervisor of the aviation considered that it was the Portuguese businessman Humberto Pedrosa who had the majority of the capital and the control effective to the private consortium.

according To the FAA, “the elements brought to the process [...] away the evidence of inadequacy of the control structure of the corporate and funding contained in the notification of 2015″, which led to the adoption of precautionary measures, which are now suspended.

The resolutions adopted today relate to notification procedures relating to the acquisition of a majority stake in the share capital of TAP group, by the Government of Passos Coelho, on 26 November 2015, whose statement, according to the ANAC, “has just been completed with the supply of all the necessary elements and required by the FAA, in October 2016″.

before that, in February, the shareholder structure of TAP has undergone a change fulfilling a promise the election of the socialist Government that strengthened the position of the State from 39% to 50%, but the process for this re-balancing of forces in the capital of TAP still has not given entry in the ANAC, which will only happen after the renegotiation of the debt with the bank.

In a statement, the body headed by Luis Ribeiro emphasises that “are not appreciated the possible impacts of a new control structure and funding negotiated between the Portuguese State and the Atlantic Gateway, the constant of the memorandum of understanding signed on 06 February 2016 and the Agreement of Purchase and Sale of Shares concluded on 19 may 2016″, since the european regulation provides that the analysis of ANAC is carried out after the completion of the operation and the same has not yet been the object of the notification.

The private consortium is left with 45% of the share capital of the group which has, as a main asset of the carrier, but can reach up to 50%, depending on the accession of the workers of the firm to the operation of the sale of the 5% that is intended to be used.