Copa Airlines presents offer to Avianca

BOGOTA – The Panamanian company Copa Airlines has offered cash and shares to merge with rival Colombian airlines Avianca.

The information was confirmed by The New York Times, which reported the offer was formalized at the end of last week. The offer must be accepted or rejected by Tuesday.

Two other bids have been made, from Delta Airlines and United Airlines.

Avianca, with headquarters in Bogota, is looking for an international partner that will help it to strengthen its balance sheet and to foster growth.

Avianca has a staff of 20,000, flies to 100 destinations in 28 countries, including Curaçao, and has 180 aircraft.