PPVRA
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Reuters: EuroAtlantic Bids For 20% Of Varig

Tue Mar 15, 2005 6:25 am

LISBON, March 14 (Reuters) - EuroAtlantic Airways has offered to buy 20 percent of Brazilian carrier Varig , the group said on Monday.

Euroatlantic, whose main shareholder is Portuguese investor Tomaz Metello, delivered the proposal to the Brazilian government, the state development bank BNDES and to Varig.

EuroAtlantic Airways said in a statement it had an "excellent relationship" with Varig. As part of a consortium with Varig euroAtlantic has two Boeing 767-300ER airliners and the group could increase the number shortly, it said.

The euroAtlantic statement gave no details about the proposal.


http://about.reuters.com/dynamic/cou...es/brazil/1110833397nL14522591.ASP

20% is the limit allowed under Brazilian law for foreign ownership of Brazilian companies.

Now it's official. Hope they acquire the 20% stake in RG and help improve the airline finacial situation.

PPVRA

[Edited 2005-03-14 22:27:35]
"If goods do not cross borders, soldiers will" - Frederic Bastiat
 
PPVRA
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Joined: Fri Nov 12, 2004 7:48 am

RE: Reuters: EuroAtlantic Bids For 20% Of Varig

Thu Mar 17, 2005 7:23 am

Another Porutguese group interested in a 20% stake in Varig:

Espirito Santo in talks to buy up to 20 pct in Varig - report
LISBON (AFX) - Portuguese banking and insurance company Grupo Espirito Santo is in talks to buy a stake of up to 20 pct in Brazilian airline Varig SA, Jornal de Negocios reported, citing a GES spokesman in Brazil.
A holding of 20 pct is the maximum permitted by Brazilian law for a foreign company to hold in a domestic airline, the report said.


http://uk.biz.yahoo.com/050316/323/feczj.html

PPVRA
"If goods do not cross borders, soldiers will" - Frederic Bastiat
 
EddieDude
Posts: 6166
Joined: Fri Nov 14, 2003 10:19 am

RE: Reuters: EuroAtlantic Bids For 20% Of Varig

Thu Mar 17, 2005 10:44 am

It is very nice to see that there is more interest in RG than expected. Whomever the Fundaçao and the government sell the airline too, I only wish them all the best.
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