Brazil’s largest domestic airline Gol Linhas Aereas Inteligentes (GOL) has offered to buy out the minority shareholders in its loyalty program Smiles Fidelidade (Smiles). Shares in both companies rose sharply on the news.  Gol is offering stock and cash for Smiles. It says the move will ensure the airline’s long-term competitiveness, align the interests of its stakeholders and reinforce a combined capital structure, streamline corporate governance and reduce operating expenses.  The offer will be discussed at Smiles and GOL’s general shareholder meetings in March 2020.

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