March 2 (Reuters) - Avianca Holdings SA top shareholder, German Efromovich, said on Thursday that a deal between Avianca and United Continental Holdings Inc. "will happen," despite a lawsuit filed by Avianca's No.2 shareholder this week.
A suit brought in New York by Kingsland Holdings alleges that the deal for Avianca with United is "an egregiously one-sided proposed transaction that Efromovich secretly negotiated with United for his own benefit at the expense of Avianca and all of its other shareholders."
Efromovich said during a news conference in New York on Friday that the deal with United was just "an extension of an already existing relationship" and was the best possible deal for Avianca's shareholders. He also insisted that reports of higher bids for Avianca from Delta and other airlines "are not accurate and are not correct." (Reporting by Dion Rabouin; Editing by Chizu Nomiyama)