COMMISSION AUTHORISES PARTIAL RE-PRIVATISATION OF TAP GROUND-HANDLING
Brussels, 15 December 2004 - The Commission has decided to authorise the first phase of the re-privatisation of the ground-handling division of Transportes Aereos Portugueses (Tap). Portugália, a private Portuguese airline, will merge its ground-handling business into that of Tap. In return it will acquire 6% of the shareholding of the new ground-handling company. As a first step in the restructuring and re-privatisation, a decision has been made to make the ground-handling division of Tap autonomous and to rename it as Serviços Portugueses de Handling (Spdh). The state has chosen a strategic partner, Portugália - Companhia Portuguesa de Transportes Aéreos (Pga), to take a 6% shareholding in the new ground-handling company, thereby merging the ground-handling divisions of both companies. The Commission has decided that this series of transactions does not constitute state aid. No state resources were put at the disposal of Spdh and the purchaser Pga has paid a market price. The Commission notes that recent sale of 50.1% of the shareholding of Spdh to the Spanish company Globalia Corporacion Empresarial and the price obtained for this sale indicate that the evaluation mechanism and methodology used in determining values for Spdh were soundly based, prudent and conservative.
