Synergy still front-runner for TAP privatisation: Pinto
TAP Portugal chief executive Fernando Pinto says he is confident that Synergy Group, the parent of Avianca-Taca, will resubmit its bid for the Portuguese flag carrier when the privatisation process resumes. But he adds that British Airways parent IAG "might" also rekindle its interest now the Eurozone crisis has abated.
The Portuguese government rejected Synergy's bid in December 2012, citing concerns about financial guarantees. The Brazilian conglomerate had been the sole bidder, after IAG and Lufthansa withdrew their early expressions of interest.
Pinto says that in principle the government had accepted Synergy's offer - comprising a down payment of €35 million ($47.5 million) plus a €315 million investment - but that "fine details on the actual paperwork" had ultimately scuppered the deal. "It was a matter of timing, and a matter of having the correct paperwork," he explains.