TAP selects bids by Brazil-based aviation tycoons

Two Brazil-based investors compete for 61% stake in TAP
The Portuguese government has received three bids to buy ailing flag carrier TAP, dropping one and starting negotiations with two. Both of these are by Brazil-based aviation tycoons. The government wants to sell a 61% controlling stake by the end of June.
The bidding investors head two consortia. One is Gateway, a holding company owned by both American-Brazilian investor David Neeleman and Humberto Pedrosa, owner of a Portuguese bus company. The other is SAGEF, led by German Efromovich, a Brazilian-Colombian investor. A third Portuguese bidder has been excluded.
Neeleman founded the US carrier JetBlue and is founder and chief executive of Azul Brazilian Airlines. Efromovich controls Latin America’s Avianca. He made the only bid for TAP in the previous attempt to sell it in 2012, which was rejected due to issues over financial guarantees.

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