Bloomberg News

Portugal Says Efromovich May Bid for TAP With EU Investors

October 24, 2012

Brazilian investor German Efromovich, owner of the Synergy Group that controls the Avianca airline brands, may bid for Portuguese airline TAP SGPS SA with European investors, the Portuguese government said.

The move would allow Efromovich to comply with European Union rules that cap outside ownership of the bloc’s airlines at 49 percent, Maria Luis Albuquerque, Portugal’s secretary of state for treasury and finance, said in parliament today.

The candidate has made clear it plans to comply with EU rules and has announced its “intention” of making a bid for TAP in partnership with EU nationals, she said.

Synergy was the only company that was picked to make a binding offer for TAP, the Portuguese government said in a statement on Oct. 18. The deadline for Synergy to submit its final bid ends on Dec. 7, the Finance Ministry said in a statement published yesterday in the country’s official gazette.

To contact the reporter on this story: Henrique Almeida in Lisbon at

To contact the editor responsible for this story: Jerrold Colten at

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