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http://www.businessweek.com/news/2012-11-15/brazilian-efromovich-seeks-polish-passport-to-buy-portugal-s-tap

Bloomberg News

Brazilian Efromovich Seeks Polish Passport to Buy Portugal’s TAP

November 15, 2012

Brazilian investor German Efromovich, the sole bidder for Portuguese state-airline TAP SA, is seeking Polish citizenship to comply with rules capping outside ownership of European Union airlines at 49 percent.

“I’m currently regularizing the documentation,” Efromovich said at a press conference in Lisbon today, adding that his parents and grandparents were from the East European country. “I have the right to be Polish.”

Synergy, which made the only binding offer for Lisbon-based TAP, faces a deadline of Dec. 7 to submit a final bid for the carrier, the Portuguese Finance Ministry said in a statement yesterday in the country’s official government gazette.

Efromovich, who holds Brazilian and Colombian citizenship, said Synergy would make a final offer through its Luxembourg- based Synergy Europa unit. The company could also partner with European investors, including Portuguese airline Euro Atlantic Airways, in its attempt to make a purchase, he said.

“The possibility of Synergy not making a binding offer is zero,” Efromovich said.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net; Chad Thomas at cthomas16@bloomberg.net


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