May 30, 2014
The board of Brazilian airline Gol agreed to a BRL185.8m ($83m) capital increase late on Wednesday. Under the local-only offer, Gol will issue 6.8m shares at BRL27.4 each. That is a 96% premium to Thursday’s closing price. The level was based on the company’s estimated profitability, which “better reflects the intrinsic value of the Company’s activities” than the stock price which is depressed by bad market conditions, Gol said. Air France KLM is understood to be planning to subscribe to more th
Board of Brazilian airline approves capital increase that opens the way for European company to take a 1.5% stake.