March 20, 2019 / 10:41 PM / a month ago

Brazil's lower house allows full foreign ownership of airlines

SAO PAULO (Reuters) - Brazil’s lower house of Congress passed on Wednesday a bill allowing for full foreign ownership of Brazilian airlines, another step into confirming a temporary decree on the subject signed last year by former President Michel Temer.

The bill will now head to a Senate vote. Previously, foreign investors could hold a maximum of only 20 percent in local airline companies. The change is seen as important to attract new investment to the companies.

Reporting by Maria Carolina Marcello; Editing by Lisa Shumaker

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