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Brazilian air carriers Gol and Azul have announced a codeshare agreement to integrate their networks and frequent flyer programs. Rumors of a potential merger have thus emerged after reports that Azul was Azul was planning an acquisition of Gol. Analysts have noted that the codeshare may unlock additional revenue for Azul, while increasing market perception of a possible merger or acquisition. In 2020, Azul had a codeshare deal with Chile’s LATAM Airlines, but that fell apart in 2021 amid the pandemic. In January, Gol filed for Chapter 11 bankruptcy.
Immediately following the announcement, Azul’s shares rose 10% and Gol’s rose by 19%. Both companies’ dollar bonds were trading stable.
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