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Euro Atlantic in negotiations for Varig stake - claim.

Publication: Airline Industry Information
Date: Monday, December 13 2004

Euro Atlantic, an airline owned by the Portuguese tourism company Group Pestana, is reportedly negotiating with Brazil's National Economic and Social Development Bank (BNDES) to buy a 20% stake in the Brazilian airline

Varig.

In the Estado de S. Paulo newspaper, Euro Atlantic president Tomaz Metello said that the airline had given BNDES a proposal, under which Euro Atlantic would be in charge of running Varig. Metello did not however disclose how much his company was proposing to pay for the stake, which is the largest it is legally possible for a foreign business to hold in a Brazilian airline, Reuters reported. Euro Atlantic and Varig apparently already have a partnership on departures from the north-eastern coast of Brazil to destinations in Europe.

Varig is currently struggling with debts and high costs and the Brazilian government has been looking for ways to rescue the airline.

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Subject: Banking industry (Securities), Airlines (Securities), Airlines (Investments)
Company: Varig S.A. (Securities), BNDES (Securities)
Location: Brazil

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Euro Atlantic in negotiations for Varig stake - claim.

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