Brazil's top airlines plan to merge

[tycoonjack]

Brazil's top airlines plan to merge

Latin America's two largest airlines, Varig and Tam of Brazil, have announced plans to merge.

The combined company would have 218 planes, annual revenues of just under $4bn, and control about 70% of all air travel in Brazil.

However, details of how the merger will proceed are scarce. There is no business plan yet, and the two firms have not even agreed on the structure of the combined company.