Shares in Brazil's largest domestic airline Gol Linhas Aereas Inteligentes SA and its loyalty program Smiles Fidelidade rose sharply early on Monday after Gol offered to buy out the minority shareholders in Smiles.

Gol shares rose more than 5% to a six-week high of 38.20 reais (US$9.10) after the company announced its stock and cash offer on Monday morning, while shares in Smiles surged more than 20% to an eight-week high of 38.19 reais.