SAO PAULO, Oct 7 (Reuters) – Brazil’s antitrust regulator CADE on Wednesday approved American Airlines’ $100 million investment in Azul, giving the US firm a minority stake of about 8% in the Brazilian carrier. • Azul emerged from Chapter 11 bankruptcy protection in February after a sweeping restructuring that included investments from United Airlines and […]
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Brazil regulator approves American Airlines’ investment in Azul
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SAO PAULO, Oct 7 (Reuters) – Brazil’s antitrust regulator CADE on Wednesday approved American Airlines’ $100 million investment in Azul, giving the US firm a minority stake of about 8% in the Brazilian carrier.
• Azul emerged from Chapter 11 bankruptcy protection in February after a sweeping restructuring that included investments from United Airlines and American
• CADE technicians had previously approved the move, but Abra Group — the holding that controls Brazilian airline Gol, a longtime partner of American — appealed the decision
• The approval was conditioned on the signing and full compliance with a Merger Control Agreement (ACC) between CADE and the parties, the regulator said
• The ACC converts previously private safeguards into obligations directly enforceable before CADE, it added
(Reporting by Gabriel Araujo; Editing by Andre Romani)