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.
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.
[Edited 2005-03-14 22:27:35]