Brazil's Azul (AZUL) confirmed making an offer to merge with Chile's LATAM Airlines Group (LTMAQ) bankruptcy proceedings.
However, Azul dropped the merger plan and focused on its operations.
Azul will continue to focus on the competitive advantages provided by its network while considering possible partnerships in the future.
Shares Jump Up
On November 29, LATAM Airlines' shares jumped by 85% in Santiago trading, whereas shares of Azul rose by 2.8% in Sao Paulo.
The non-binding agreement included around $5 billion in equity financing submitted on November 11 was backed by LATAM creditors, said Azul.
LATAM's overvaluation was the deal-breaker.
The Brazilian airlines added that LATAM's valuation in the structure of its bankruptcy process became higher than anticipated...
