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Brazil president vetoes 100% foreign ownership of airlines

July 26, 2016 by

Acting Brazilian President Michel Temer used his line-item veto power to eliminate provisions of an aviation re-organization bill that would have allowed 100 percent foreign-investor ownership of Brazilian-based airlines. Temer signed other provisions of the bill into law, the government said in a statement Tuesday. With Temer’s veto, foreign investors remain limited to holding no more than 20 percent stakes in Brazilian airlines. In his veto message, Temer went on record favoring a rise in foreign ownership to as much as 49 percent. Brazilian airlines have said they are badly in need of cash infusions and would welcome larger stakes from overseas investors.

Link to government news agency release

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