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Avianca owner Efromovich to contest TAP privatization

Xinhua, June 20, 2015 Adjust font size:

German Efromovich, owner of Avianca, is planning to contest the privatization of TAP Air Portugal before the European Commission, Portuguese media reported on Friday.

This comes after a consortium led by American-Brazilian investor David Neeleman won a 61 percent stake in airline TAP Air Portugal on Thursday as part of the Portuguese government's privatization plan.

Efromovich, who also presented his improved bid on Friday for the indebted carrier after his bid failed in 2012, wants to find out if community standards were met. Efromovich is also considering presenting a complaint to Portuguese courts, according to newspaper Publico.

TAP's sale was part of an agreement the government made in 2011 when it signed a 78 billion bailout with the European Central Bank, International Monetary Fund and European Commission.

The sale of the company is expected to be formalized next Wednesday at the finance ministry in Lisbon where a public ceremony will be held for the documents to be signed. Endit