TAP Portugal plans to buy 20% of VARIG
May 16, 2005, 3:15 pm
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TAP Portugal plans to buy 20% of VARIG
According to Bloomberg (http://quote.bloomberg.com/apps/news...fer=news_index ) and other sources, TAP have signed a memorandum of understanding to buy 20% of VARIG (the most a foreign investor can hold in a Brazilian carrier) and to assist with restructuring the carrier.
I guess this could result in some rationalisation of Varig's European operations (they already codeshare fairly extensively with TAP).
An interesting move and probably welcome - TAP seem to be managed fairly well and VARIG couldn't be in a much worse position than they are right now, after the failure of the TAM merger attempt.
I guess this could result in some rationalisation of Varig's European operations (they already codeshare fairly extensively with TAP).
An interesting move and probably welcome - TAP seem to be managed fairly well and VARIG couldn't be in a much worse position than they are right now, after the failure of the TAM merger attempt.
