Azul and Gol shares soared this Friday morning, the 24th, after the companies announce a codeshare agreement which will encom more than 150 destinations operated by them. The partnership includes exclusive domestic routes, that is, operated by one of the two companies and not the other.
At around 11:10 am, Azul's shares jumped 8,8%, to 10,72 reais, the best performance of the Ibovespa, which rose 0,35%. Gol's shares, which are not part of the index, advanced 13,5%, to 1,43 reais.
“Note that this agreement does not depend on antitrust approval”, stated Gabriel Rezende and team in a report sent to clients, further assessing that the news could increase investors’ perception about the possibility of a merger between the airlines.
“Given that Azul flies alone on more than 80% of its routes, the combination of their businesses could unlock substantial revenue synergies in addition to cost savings for the combined company,” they added.
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Via CNN
