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September 03, 2015 6:17 AM ET

Airlines

Company Overview of TAP-Transportes Aereos Portugueses, SGPS, S.A.

Company Overview

TAP-Transportes Aereos Portugueses, SGPS, S.A. operates as an airline that provides passenger, cargo, and mail transportation services. It operates a fleet of aircraft to various destinations in Africa, South America, and Europe. The company also provides maintenance, repair, and overhaul services of aircraft, engines, and components to third party customers. TAP-Transportes Aereos Portugueses, SGPS, S.A. was formerly known as TAP Air Portugal S.A. and changed its name to TAP-Transportes Aereos Portugueses, SGPS, S.A. in March 2005. The company was founded in 1945 and is based in Lisbon, Portugal. TAP-Transportes Aereos Portugueses, SGPS, S.A. operates as a subsidiary of PARPÚBLICA - Partici...

Aeroporto de Lisboa

Ed. 25 - R/C Dir.

Lisbon,  1704-801

Portugal

Founded in 1945

Phone:

351 21 841 5000

Fax:

351 21 841 5774

Key Executives for TAP-Transportes Aereos Portugueses, SGPS, S.A.

Chairman of Executive Board and Chief Executive Officer
Age: 66
Engineering Director
International Relations and Alliances Manager
Compensation as of Fiscal Year 2015.

TAP-Transportes Aereos Portugueses, SGPS, S.A. Key Developments

Efromovich Eyes Synergies As Bids For TAP

German Efromovich is bidding for TAP-Transportes Aereos Portugueses, SGPS, S.A. "It's another airline, it means more growth for us," Efromovich told Reuters on the sidelines of the International Air Transport Association's (IATA) annual meeting in Miami. "We have all kinds of synergies, the same alliance, the same fleet." The Portuguese government received improved offers for TAP from David Neeleman and German Efromovich consortiums and said it would take five days to analyze the bids. Efromovich said he couldn't comment on the details of the bid itself as the process is confidential.

Update On Privatization Of TAP

Portugal's center-right government said it is pushing ahead with privatization of TAP-Transportes Aereos Portugueses, SGPS, S.A. despite a court ruling the previous day suspending the process due to an administrative irregularity. Government spokesman Luis Marques Guedes said the cabinet had decided to maintain its privatization schedule for TAP, and said it was defying ruling by Portugal's highest administrative court with "a resolution establishing the necessity of protecting the public interest" by going ahead with the sale. The government resolution will be filed with the court, and "is justified by the urgency to continue the privatization process, which will allow the rapid recapitalization of the company," Guedes added. The move now leaves the two bidders for TAP are German Efromovich and David Neeleman until the end of June 5, 2015, to sweeten their initial offers and meet requirements outlined in the privatization plan.

Portuguese Court Suspends TAP Privatization

A Portuguese court ordered an interim suspension of TAP-Transportes Aereos Portugueses, SGPS, S.A.'s privatization two days before a key deadline in the process, a decision the government said it intends to appeal. The supreme administrative court ruled that the decree allowing for the privatisation was flawed, with the government not having planned a bidding process for the financial evaluation of the airline. Portuguese Prime Minister Pedro Passos Coelho announced that the government intended to appeal the interim suspension, which comes two days before the deadline for final offers from the two candidates. The two final candidates are German Efromovich and David Neeleman. Coelho said he will present "a resolution showing the necessity of pursuing" privatization.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 11, 2015
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