On Wednesday, October 7, 2026, Azul S.A. (AZUL3) reported that the Tribunal of the Administrative Council for Economic Defense (CADE) unanimously approved American Airlines’ US$ 100 million investment in the company, to be carried out through the exercise of subscription warrants. A total of 3,958,429,263,261 Series 1 (AZUL11) subscription warrants and 5,449,247 Series 4 (AZUL19) subscription warrants will be exercised and, as a result of this investment, American is expected to hold approximately 8% of Azul’s total and voting capital.
According to the company, the approval by CADE’s tribunal is expected to be published in the coming days, including the corresponding Concentration Control Agreement. After this stage, the implementation of certain commercial agreements between American and Azul is planned, which were also subject to CADE’s approval.
