March 2 Avianca Holdings SA top shareholder,
German Efromovich, said on Thursday that a deal between Avianca
and United Continental Holdings Inc. "will happen," despite a
lawsuit filed by Avianca's No.2 shareholder this week.
A suit brought in New York by Kingsland Holdings alleges
that the deal for Avianca with United is "an egregiously
one-sided proposed transaction that Efromovich secretly
negotiated with United for his own benefit at the expense of
Avianca and all of its other shareholders."
Efromovich said during a news conference in New York on
Friday that the deal with United was just "an extension of an
already existing relationship" and was the best possible deal
for Avianca's shareholders. He also insisted that reports of
higher bids for Avianca from Delta and other airlines "are not
accurate and are not correct."
(Reporting by Dion Rabouin; Editing by Chizu Nomiyama)