Government asks seem to ensure that Blue meets EU rules … – publico

                 

                         
                     

                         

                 

 
                         

The government does not want to risk the privatization of TAP die in office and therefore hired a firm of lawyers to assess whether foreign investors who submitted offers on Friday respect the rules of the European Union (EU) with respect to the airlines control. This analysis necessarily will focus on the proposal for David Neeleman, owner of Blue, as the remaining candidates will not have any problem at this level. Both Germán Efromovich, who has Polish passport, as the Portuguese entrepreneur Miguel Pais do Amaral, respect, from the outset, the standard that prevents non-European to control the industry.

                     

                          Freshfields is the law firm that was hired to make this assessment, the government wants to be completed in less than 15 days. This is because the intention is that the next big decision on the sale of TAP is taken in the Council of Ministers of 28 May. On this day, the executive will decide if chooses the winner of the privatization or opens a period for trading of the tenders submitted. That is, will have to have on hand at that time this legal opinion to make the decision.

But the first entity to comment on this topic will be the sector’s regulator, the National Authority Civil Aviation. There is no deadline for the supervisor to give its opinion, but it is also implied that it reaches the table of the Government until May 28.

The investor structure built to run for TAP is a very sensitive topic . Also because Efromovich, who entered this privatization alone is not willing to ease up if Neeleman win and there are doubts about compliance with EU rules. Source close to the businessman, owner of the South American group Avianca, said last week that the PUBLIC, if the situation is confirmed, the operation will be contested.

The need to hire Freshfields, which has already accompanied dossiers of this type, is related to the fact that EU rules are not entirely clear. The non-European investors are prohibited from holding more than 49.9% of the capital, as the rules state that can not be majority. But the legislation also prohibits companies to control the EU. That is, although not the largest shareholders also can not send the destinations of the companies, which in practice translates eg limitations on the appointment of administrators.

The owner of the Blue has always been aware these obstacles and, therefore, tried to surround himself with allies. One is the Portuguese businessman Humberto Pedrosa, owner of Barraqueiro. The remaining composition is still unknown, although it anticipates that Neeleman has achieved more reinforcements. And the PUBLIC found, the consortium leader left the government little worried, but the shareholder agreement (contract between the partners) brought greater peace of mind as it should impose a limitation of powers to the US investor to enforce the law.

A more detailed analysis will fit, however, to Freshfields. Only with a legal opinion that gives comfort is that the executive may sell the TAP to the owner of Blue. And yet, it is not right that does not follow a court battle or even part by oversight actions of the European Commission, which has been very attentive to these issues. Even in 2014, it opened a series of investigations to European air carriers to determine whether they are actually owned and controlled by EU investors.

Venezuela affects price
next week will be decisive for the privatization of the company. Until Wednesday, the administration of TAP has to give an opinion on the three proposals submitted, as the strategic project concerns. And by Friday, it’s the turn of Parpública, the holding that owns the company’s shares to speak from a financial point of view.

PUBLIC found that, if Efromovich, who returns after the first attempt to buy TAP failed in 2012, the money you are willing to offer will depend on the state’s ability to recover 120 million of debts that are held in Venezuela and Angola. The entrepreneur wants to see the issue resolved by diplomatic means and only with a positive outcome will be available to increase proposed by the 34% stake that remains, for now, the public universe. The proposal provides 35 million euros for 100% of the company, 12 new aircraft and 250 million capitalization (125 million in the first 12 months and the remaining share in the next 12 months).

The owner of Avianca want distribute between 10% and 20% of profits by the workers based on merit, and as Express reported at the end-of-week, plans to make the Beja airport the nerve center of air cargo to Europe.

You Neeleman, whose proposal is still relatively unknown, also wants to share 10% of profits, but by all employees, and also according to the Express , plans to increase the fleet of TAP in over 53 aircraft. Offering Miguel Pais do Amaral is known yet very little, unless it competes through its holding Personal, Quifel.