Rejected take off to TAP Portugal privatization

The Portuguese Government by the Treasure Secretary of the State Luís Albuquerque announced yesterday that the single proposal to alienate the Portuguese Airline TAP Portugal from the group Synergy of the millionaire Germán Efromovich was refused.

Credits: Filipe Cardoso

The Portuguese Government pointed to the rejection of this proposal the lack of financial warranties as prescribed in the specifications referred as primordial do the sale of the Airline. This proposal rounded 1.5 thousand million euros from witch 316 million euros to recapitalize the Airline and the rest to cover TAP's deficit and the Portuguese Government would gain about 35 million euros.

The Portuguese Government stated that this proposal was positive and aligned with the Government intentions and strategy to the company. Also said that the interest in selling the Portuguese Flag Airline is to take action in a near future but will now need a revaluation of the market conditions and sale strategy to take place.

The Synergy Group was the only buy proposal that was still in table at this final phase of the whole process and it seems that the most probable action will be the opening of a entirely new privatization process with, who knows, new specifications and requirements to the interested groups.

Germán Efromovich after the Portuguese Government announcement said being surprised with this decision and admits to make a new proposal if the timing of the business is adequate to the Synergy Group as it's his intention to buy an European Airline in order to expand air business to Europe.