The Brazilian Senate on Wednesday night passed a bill allowing foreign investors to own up to 100 percent of voting shares in Brazilian-based airlines, but a spokesman for Acting President Michel Temer said the chief executive will veto the legislation. The bill passed the Chamber of Deputies earlier this month. Currently, foreign investors may hold up to 20 percent of voting shares in Brazilian airlines. The administration-sponsored bill would have hiked that level to 49 percent but an amendment presented in the lower house upped the ante to 100 percent. The Senate late Wednesday passed the Chamber of Deputies version. A spokesman for Temer said the president will veto the bill and then re-introduce it with the 49 percent provision.
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