Copa bids for Avianca merger
COPA Airlines is looking to spread its wings with an offer of cash and shares to merge with Colombian airlines rival Avianca.
The New York Times reports that the offer was formalized at the end of last week. It must be be accepted or rejected by Tuesday December 13.
Delta Airlines and United Airlines have also made bids.
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 and has 180 aircraft.