December 1, 2021 |
Brazilian airline Azul has abandoned efforts to acquire LATAM Airlines after the rival presented financing plans to emerge from Chapter 11 bankruptcy proceedings, Azul CEO John Rodgerson told LatinFinance on Monday.
"We are standing aside," Rodgerson said. "We are not going to play at any cost."
Azul competes with LATAM and Gol in Brazil's large domestic market. Rodgerson repeatedly mentioned "consolidation" opportunities after LATAM filed for bankruptcy, and Azul presented a non-binding takeove
Brazilian airline chooses not to "waste more time and money" on a takeover attempt, CEO says