Brazilian carrier Varig’s majority shareholder has approved a plan under which TAP Portugal will acquire Varig’s cargo and maintenance units. Varig’s controlling shareholder, the Ruben Berta Foundation, which is made up of employee interests, has approved a scheme under which TAP will acquire Varig freight unit VarigLog and maintenance arm VEM. With help from Brazilian state-owned development bank BNDES, TAP will inject $62 million into Varig, says the Brazilian carrier.

Source: Flight International