Brazil's Avianca seen as purchaser of Portugal's flagship airline

Prospects of a Latin American takeover of Portugal's state-owned airline TAP have been boosted by Europe's three largest airlines shunning a sale that is part of Portugal's bail-out program. Avianca, an airline that is part of Synergy Group, the Brazilian industrial conglomerate owned by Germán Efromovich, an entrepreneur holding dual citizenship of Brazil and Colombia, has made the only bid, though it is a non-binding one.