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AVH - Avianca Holdings SA News Story

$0.88 0.0  0.0%

Last Trade - 08/05/20

Sector
Industrials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £2.51bn
Position in Universe th / 6846

UPDATE 1-Portuguese government to challenge court's suspension of TAP sale

Wed 3rd June, 2015 6:03pm
(Updates with government comment) 
    LISBON, June 3 (Reuters) - The Portuguese government vowed 
to press ahead with the sale of airline TAP, despite a court 
ruling on Wednesday to suspend the privatisation. 
    The government has set Friday as the deadline for final, 
binding bids in the sale of a 61 percent controlling stake in 
flag carrier TAP. 
    "We have no intention of changing the deadline from Friday 
for the proposals," transport secretary Sergio Monteiro told 
journalists. 
    Earlier on Wednesday, Portugal's supreme administrative 
court accepted a request for the sale to be suspended on the 
grounds that the government failed to contract two independent 
institutions to make an evaluation of the airline before its 
sale. The action was brought by a citizens' association, which 
opposes the sale.  
    Monteiro said the government would request the court to 
invoke a law stating that the sale is of public interest, which 
under Portuguese law would overturn the suspension. 
    The sale is also opposed by some TAP unions and workers. 
    In May the government picked two Brazil-based aviation 
tycoons to bid in the final round: 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; Editing 
by Susan Fenton) 
 ((axel.bugge@thomsonreuters.com; +351-213-509-201; Reuters 
Messaging: axel.bugge.thomsonreuters.com@reuters.net)) 
 
Keywords: PORTUGAL TAP/PRIVATISATION
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