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Candidates raise bids to buy Azores Airlines

Tender to sell Azores Airlines nets two proposals

The only two parties to submit proposals to buy Azores Airlines (S4, Ponta Delgada) have offered the same price, so the privatisation tender for the Azorean carrier has been suspended to give them time to present revised bids, the business newspaper Jornal de Negócios and Lusa News Agency reported.

Atlantic Consortium and Newtour Azores now have five days to alter the value of their proposals. Atlantic Consortium comprises the Portuguese carriers euroAtlantic Airways (YU, Lisbon) and White (WI, Lisbon), the Azores-based consultancy Old North Ventures, the Portuguese online travel agency Consolidador, and an entity called Vesuvius Wings.

New Tour Azores consists of the Portuguese travel group Newtour and the Austrian aircraft asset management firm MS Aviation (Vienna), which was acquired earlier this year by Angola’s Bestfly (Luanda 4 De Fevereiro).

Both consortia offered the same acquisition price per share of EUR6.50 euros (USD7.14). Atlantic said it would buy 750,000 shares for a total price of EUR4.875 million (USD5.36 million), while Newtour said it would...

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