All is set for the government to sign the final deal with Gateway’s management over who owns how much at the former State airline, TAP.
In brief, the government will take control of 50% of the airline by paying €1.9 million for 11% of the carrier’s stock held by Gateway which currently has 61% after the airline was sold off in a hurry by the Passos Coelho government last year amid howls of ‘foul play’ by the socialists.
On February 6th, the António Costa socialist government signed a memorandum of understanding with Gateway's owners who agreed to sell back 11% of TAP’s capital to the State.
"The signing of the memorandum of understanding gave stability to the company and ensures that the State will be the largest shareholder, permanently," said the Minister of Planning and Infrastructure, Pedro Marques.
With this new deal, the State increases its stake from 39% to 50% and has promised not to interfere in the daily management of the airline, which will retain the status of a private company.
TAP legally will be half-owned by the Portuguese taxpayer who also is underwriting TAP’s original €1 billion plus debt pile as part of the dowry quietly arranged by the departing finance Minister, Maria Luís Albuquerque.
The private Gateway consortium is ostensibly led by Humberto Pedrosa, owner the Barraqueiro group. The other shareholder is David Neeleman, who has dual Brazilian and North American nationality and controls the Brazilian airline, Azul.
A latecomer to the Gateway share register is China's HNA which was limited to owning 10% or less of Gateway, changed on the day to 20%.
Pedrosa owns a controlling share in Gateway but it is clear that Neeleman runs the show as his background in steeped in airline ownership and management.
Pedrosa runs land-based passenger, freight and logistics services but there needed to be an EU national controlling Gateway before the deal could be authorised by Brussels.
Comments
The State's 50% plus the 5% set aside for the staff means Gateway does not control TAP but the government does as the government's shares, plus those of one staff member, would be enough to win any vote.
Either than, or no one is in control!