VarigLog Bids $350 Million for Brazil’s Varig

Brazilian logistics company VarigLog Monday launched a US$350 million bid for its former parent company, airline Varig. Brazil’s flagship airline is operating under bankruptcy protection after struggling for years while losing market share to smaller and more nimble operators. Late last year creditors, including General Electric and Boeing, rejected an offer from local investment group Docas Investimentos. Varig sold off VarigLog in January for US$46 million.