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Argentine Senate approves takeover of airline

19 December 2008

Argentina’s Senate gave final legislative approval to a government takeover of Spanish-owned Aerolineas Argentinas SA on Wednesday.

Supporters said the state will improve service by tackling constant flight cancellations and delays that have plagued the struggling flagship airline and its subsidiary Austral for years.

But the current owner, Madrid-based Grupo Marsans, has said in the past it might challenge the takeover before a World Bank arbitration body.

source: Associated Press

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