June 21, 2016 / 5:01 PM / 2 years ago

Brazil's Lower House OK's raising foreign stake in airlines

BRASILIA, June 21 (Reuters) - Brazil’s Lower House on Tuesday approved a presidential decree to raise the level of permitted foreign ownership in local airlines as the industry struggles with a crippling recession in Latin America’s largest economy.

The decree, issued by suspended President Dilma Rousseff, increases the share foreign companies can own in local airlines to 49 percent from 20 percent. The lower house will still vote on Tuesday an amendment to the decree to allow foreign capital to raise its stake to 100 percent. (Reporting by Marcela Ayres; Writing by Alonso Soto)

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