Azul Is in Talks With Gol Shareholder for Stock-Based Deal [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: BNN Bloomberg
controlling shareholder of the rival Brazilian airline, according to people familiar with the matter. In one scenario under consideration, holding company Abra Group Ltd. would contribute its Gol shares to Azul in exchange for a stake in the combined airline, one of the people said, asking not to be identified because discussions are still private. That type of transaction could appeal to Azul because it wouldn't have to commit much cash, if any, another person said. Abra would retain full ownership of its stake in another Latin American airline, Avianca Holdings SA, in that scenario. Any deal would need to be approved by the companies' controllers, creditors and shareholders, along with regulators. Shares of both Brazilian airlines gained on Bloomberg's report, and trading in their shares was briefly halted in Sao Paulo. Gol climbed 8% to 1.48 reais, while Azul reversed losses, jumping as much as 2.2% to 10.70 reais. Bloomberg reported in March that Azul had hired Citigroup I
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