MercoPress. South Atlantic News Agency

Ferry-operator to take leading control of Aerolíneas Argentinas

The head of the main ferry system in the River Plate will be joining the Spanish owned Aerolíneas Argentinas as one of the leading shareholders, once the air carrier has been audited according to reports in the Buenos Aires press.

Juan Carlos Lopez Mena controls the passenger and cargo ferries which link several times a day Buenos Aires with several Uruguayan ports. Some of his most modern vessels are rescheduled to Spain and Florida, USA, during the northern hemisphere summer months. Buenos Aires press reports that once the letter of intent is signed, the Argentine flag carrier company will be audited and in 45 days if the Spanish group Marsans and Mr Lopez Mena agree on shares prices, conditions and percentages the deal will be closed. Marsans currently holds 95% of Aerolineas Argentinas shares with the remaining 5% belonging to the Argentine government. Following on the announced operation sponsored by the Kirchner administrations, as part of its policy to "re-Argentinize" strategic public utilities and companies, the Argentine government percentage will increase from 5 to 20% and Mr. Lopez Mena will be acquiring between 30 and 35% of the Argentine flag carrier founded in 1950 and first privatized in the nineties. The Marsans group and Mr. Lopez Mena will then decide who will act as operator of the airline. Apparently this week the formality of the negotiation was launched when the potential Argentine private shareholder addressed a letter of intent to Gonzalo Pascual Arias and Gerardo Diaz Ferran, owners of Marsans, proposing his incorporation to the company. In a second letter Marsans accepts the proposal thus formally opening negotiations. Apparently the two private shareholders will keep 70% of Aerolineas stock, with the remaining 30% split between the government, 20%, and the staff and Argentine provincial governments, 10%. The Spanish group and Mr Lopez Mena will then also have to decide who holds the majority. Mr. Lopez Mena who holds dual Argentine and Uruguayan nationality owns the company Buquebues which has several ferries, the latest of which high speed catamarans built in Australia. A significant percentage of his fleet has been financed by Uruguayan government banks. The company also is a budding tourism operator but its main income is from the virtual monopoly of River Plate links. "Aerolineas will again be a pioneer in the region", promised Lopez Mena who estimated 45 days were needed to finish the assessment of the Argentine flag air carrier and formalize the incorporation.