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Argentina's lower house of parliament on Thursday approved a legislation authorizing the expropriation of the country's largest airlines, the Aerolineas Argentinas, from its Spanish owners, said officials.

The measure was passed in a 152 to 84 vote, and it will now be forwarded to the country's senate for approval, they added.

The legislation places Aerolineas Argentinas and its subsidiary, the Austral, in the category of "public utilities" to allow the government to seize them from their present Spanish owners.

Earlier, the Spanish owners of the two airlines, Grupo Marsans, had agreed to sell the airlines to the Argentine government, but both sides could agree on a price. Marsans had quoted $450m for the airlines, but the Argentine government argues that it does not have to pay the Spanish owners anything as the two airlines are nearly $833 million in debt.

Marsans says that they will appeal to the World Bank's arbitration tribunal for compensation if the Argentine government proceeds with the take over plan, as they have already invested about $900m in the two airlines.

The supporters of the legislation says that the move is aimed to protect the two airlines, which account for 80% of the country's domestic flights, and to safe guard the jobs of some 9,000 people currently employed by the two airlines.

by RTT Staff Writer

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