DL/UA in Talks to Buy Avianca...

Avianca Holdings SA is studying options including the sale of a controlling stake and is set to receive bids next week from suitors including Delta Air Lines Inc. and United Continental Holdings Inc., people familiar with the matter said.
The offers, due by Nov. 9, may include about $500 million in new capital for Bogota-based Avianca, plus a purchase of common stock from current shareholders, said the people, who asked not to be named because the talks are private. Copa Holdings SA also is expected to present a bid.

The Colombian carrier declined to comment, as did Delta, United and Copa. Elliott didn’t reply to requests for comment.

Colombia’s Semana magazine had reported Oct. 29 that the Efromovich brothers wouldn’t be willing to sell control, with bidders instead set to reach a 30 percent to 40 percent stake. Avianca, with a market value of about $800 million, carried 58 percent of Colombia’s domestic passengers this year through August.