October 15, 2018 / 10:34 AM / a month ago

Brazil's Gol to incorporate mileage subsidiary Smiles in restructuring

SAO PAULO, Oct 15 (Reuters) - Brazil’s Gol Linhas Aéreas Inteligentes SA plans to fully incorporate its mileage subsidiary Smiles Fidelidade SA as part of a major corporate restructuring, the airline said in a securities filing on Monday.

The restructuring, which must be approved by shareholder assemblies of both companies, would eventually pave the way for Gol to migrate its shares to the Novo Mercado segment of the São Paulo Stock Exchange.

If the plan is not approved, Gol could pursue a different strategy, such as delisting Smiles through a mandatory buyout offer to the subsidiary shareholders, the filing said. (Reporting by Bruno Federowski and Raquel Stenzel; Writing by Bruno Federowski, editing by Emelia Sithole-Matarise)

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