Gol Ends Merger Talks With Azul and Terminates Codeshare

Overview

• A formal notice from Abra ended discussions on a Gol–Azul business combination and asked to rescind the May 2024 codeshare.
• Both airlines said tickets already issued under the partnership will be honored, but new codeshare sales are halted.
• Azul stated it will concentrate on strengthening its capital structure under Chapter 11, while Gol highlights post‑restructuring expansion.
• Cade had pressed for a formal filing on the codeshare and reiterated that such agreements face case‑by‑case antitrust review.
• Shares rallied after the announcements, with Azul up about 17% and Gol up about 5%, as the market priced in continued three‑player competition.