Page One Daily News
COLOMBIA - Avianca and Taca Merger Approved
Avianca and Taca Merger Approved
The Civil Aeronautical Agency approved the merger between Avianca and Taca, now grouped within a holding company created by the airlines' majority shareholders
The Aeronautical Civil Agency approved the Avianca and Taca merger, according to sources from the Colombian airline. The majority shareholders of Avianca, German Efromovich, and Taca, the Kriete family, reached an agreement last Oct. to create a new holding company. According to the agreement, Avianca shareholders will have a 66% share in the new company and Taca's will have 33%. The businesses within this company will continue to operate with their own brands and hope to reach $3 billion in sales annually.