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Brazilian airline Gol buys Varig for 320 million dollars(Investnews (Brazil) - English Via Thomson Dialog NewsEdge) SO PAULO - Brazilian airline GOL on Wednesday announced it has concluded the deal with VarigLog and Volo, shareholders at VRG Linhas Areas (airline that operates the VARIG brand), for the acquisition of VRGs total capital. The operation is worth some US$ 275 million in cash and shares. A total of US$ 98 million will be paid in cash, which represents less than 10% of GOLs cash. The company will take over R$ 100 million in debentures issued by varig, bringing the operation up to US$ 320 million. According to GOL, the companies will remain separate, and will be managed according to the best corporate governance practices and internal control. VRG will operate under its own brand (VARIG), incorporating GOLs low-cost low-fare management model. 2007 NoticiasFinancieras - InvestNews - All rights reserved Copyright 2007 NoticiasFinancieras |