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AVH - Avianca Holdings SA News Story

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Last Trade - 08/05/20

Sector
Industrials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £2.53bn
Position in Universe th / 6858

Portugal court accepts injunction to suspend TAP sale

Wed 3rd June, 2015 2:03pm
LISBON, June 3 (Reuters) - Portugal's supreme administrative 
court approved on Wednesday an injunction to suspend the 
privatisation of airline TAP, just two days before a deadline 
for final binding bids in the sale, the court said. 
    The court accepted a request for the suspension of TAP's 
sale based on the argument that the government failed to 
contract two independent institutions to make an evaluation of 
the airline before its sale. The action was launched by a 
citizens' association opposed to the privatisation. 
    In order to resume the sale, which is opposed by some of 
TAP's unions and workers, the government will have to invoke a 
law stating that the sale is in the public interest. 
    In May the government picked two Brazil-based aviation 
tycoons for the next phase of the privatisation - 
American-Brazilian investor David Neeleman, who founded U.S. 
airline JetBlue, and German Efromovich, who controls Latin 
America's Avianca  AVT_p.CN . 
     
 
 (Reporting By Sergio Goncalves, writing by Axel Bugge) 
 ((axel.bugge@thomsonreuters.com; +351-213-509-201; Reuters 
Messaging: axel.bugge.thomsonreuters.com@reuters.net)) 
 
Keywords: PORTUGAL TAP/PRIVATISATION
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