GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas) Chief Executive Officer Paulo Kakinoff has hailed a recent change in Brazilian legislation amending the limit on foreign shareholdings in local airlines from 20% to 49%. Speaking during an earnings conference call, Kakinoff labelled the change in position "welcome" and a "surprise".

The move will allow Gol, as well as other local operators, to attract much needed foreign capital critical in their fleet and route expansion strategies. Gol already counts Delta Air Lines (DL, Atlanta Hartsfield Jackson) And Air France-KLM Royal Dutch Airlines (KL, Amsterdam Schiphol) among its shareholders with 6.1% and 1.5% stakes respectively.

In contrast to Gol, Azul Linhas Aéreas Brasileiras (AD, São Paulo Viracopos), Brazil's most prolific domestic operator, has shrugged off the amendment with CEO and founder David Neeleman stating that as his airline is healthy, it has no need for foreign investment for the moment. However, were it in need of additional funding, Neeleman said, it would pursue an IPO as its most preferred option.