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Brazil,France : GOL-AIR FRANCE - KLM strategic partnership secures approval from CADE

May 14, 2014

On 12 May, Gol announced that its long-term strategic partnership for commercial cooperation with Air France-KLM has secured approval from Brazil's competition watchdog CADE.

Now, with this approval, Air France-KLM is to carry out an investment of US$100 million in Gol, including assuming 1.5% equity stake in Gol preferred shares for US$52 million.

Balance of US$48 million will be for enhancing the effectiveness of the strategic commercial partnership.

Further, the approval is subject to a 15-day window at the time during which the decision might be reviewed, and come into effect thereafter.

Gol's board is to approve the share issuance and will later be described and published in a Notice to Shareholder.

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Source: TendersInfo (India)