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Bonds News

Brazil's airline Gol gets first OK to buy Varig

BRASILIA, April 4 (Reuters) - Brazil's civil aviation authority said on Wednesday that it gave low-cost airline Gol Linhas Aereas Inteligentes GOL.N the green light to buy rival air carrier Varig.

The National Civil Aviation Agency or ANAC said it gave Gol “advance authorization” for the deal. Gol now still requires approval from Brazil’s anti-trust agency Cade, ANAC said in an on-line statement.

Gol said last week it would pay a total of $320 million to acquire carrier Varig, which emerged from bankruptcy protection last July after being sold for just $24 million to a group of investors including the U.S. investment fund Matlin Patterson.

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