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Brazilian airline Azul SA confirmed on Monday that it made an offer earlier this month to combine with Chile's LATAM Airlines Group , which is in bankruptcy proceedings, but said it had since decided to focus on its own operations. The Brazilian airline said its non-binding proposal submitted on Nov. 11 had included around $5 billion in equity financing and was backed by some creditors of LATAM. Azul added however that LATAM's valuation under its bankruptcy process had become higher than it believes to be acceptable, citing ongoing uncertainty in the aviation industry amid the COVID-19 pandemic, especially in long-haul markets.
The US needs weeks to learn more about the omicron variant and the WHO tries to create an international treaty for future pandemic responses. Updates.