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SAO PAULO -(Dow Jones)- Brazil's leading airline TAM S.A. (TAM) and Chilean airline Lan SA (LFL) are in talks over a possible joint bid for troubled Brazilian airline Varig, according to the local Estado newswire Thursday.
According to the report, TAM CEO Marco Antonio Bologna will go to Chile to discuss the plan in the next few days.
A TAM spokeswoman said the company had no comment to make on the report.
At the end of January, Lan lent Varig $17.10 million in exchange for an exclusive option for shares.
The Chilean carrier has long sought to establish a subsidiary in South America's biggest country, and has a tradition of entering foreign markets via defunct local airlines.
Varig has certainly had a troubled recent history, entering bankruptcy protection in 2005 under debts totaling more the $3 billion. In July, VarigLog, owned by a group of investors that included U.S. investment fund Matlin Patterson, bought the company's operating assets for $24 million and sharply cut back the number of flights offered.
In Brazil, foreign investors cannot own more than 20% of a local carrier.
TAM may be considering a joint venture with LAN to give the Chilian operator a Brazilian partner and block the growth of rival Gol Linhas Aereas Inteligentes, said the report.
Local press reports have also linked Gol with a purchase of Varig assets.
da smartmoney.com
SAO PAULO -(Dow Jones)- Brazil's leading airline TAM S.A. (TAM) and Chilean airline Lan SA (LFL) are in talks over a possible joint bid for troubled Brazilian airline Varig, according to the local Estado newswire Thursday.
According to the report, TAM CEO Marco Antonio Bologna will go to Chile to discuss the plan in the next few days.
A TAM spokeswoman said the company had no comment to make on the report.
At the end of January, Lan lent Varig $17.10 million in exchange for an exclusive option for shares.
The Chilean carrier has long sought to establish a subsidiary in South America's biggest country, and has a tradition of entering foreign markets via defunct local airlines.
Varig has certainly had a troubled recent history, entering bankruptcy protection in 2005 under debts totaling more the $3 billion. In July, VarigLog, owned by a group of investors that included U.S. investment fund Matlin Patterson, bought the company's operating assets for $24 million and sharply cut back the number of flights offered.
In Brazil, foreign investors cannot own more than 20% of a local carrier.
TAM may be considering a joint venture with LAN to give the Chilian operator a Brazilian partner and block the growth of rival Gol Linhas Aereas Inteligentes, said the report.
Local press reports have also linked Gol with a purchase of Varig assets.
da smartmoney.com