Portugal has reportedly abandoned plans to sell TAP Portugal to Synergy Aerospace, the owner of Colombian carrier Avianca.
According to local media reports, the Portuguese government rejected the bid from Synergy Aerospace because it failed to provide sufficient financial guarantees.
Portugal was aiming to complete the deal by the end of 2012. It plans to re-start the TAP privatization by 2014 and the sale of airports operator ANA will continue.
Portuguese daily Diario Economico claims Portugal is also now considering the closure of TAP Maintenance & Engineering Brazil at a cost of €300 million.
TAP Portugal could not immediately be reached for comment.
According to local media reports, the Portuguese government rejected the bid from Synergy Aerospace because it failed to provide sufficient financial guarantees.
Portugal was aiming to complete the deal by the end of 2012. It plans to re-start the TAP privatization by 2014 and the sale of airports operator ANA will continue.
Portuguese daily Diario Economico claims Portugal is also now considering the closure of TAP Maintenance & Engineering Brazil at a cost of €300 million.
TAP Portugal could not immediately be reached for comment.
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