Continental's Panamanian affiliate buys Colombian airline Reuters reported Monday that the Panamanian affiliate of Continental Airlines has bought a majority stake in Colombia's second-largest airline. Terms of the Copa Airlines' deal for AeroRepublica were not disclosed. The airline operates regular flights within Colombia to major centers such as Cali, Medellin and Barranquilla, and serves the country's most popular tourist destinations. AeroRepublica also offers charter flights to Latin American holiday spots such as Cancun and the Dominican Republic. The airline held a 36 percent of the Colombian domestic market. Up to now, AeroRepublica has been 80-percent owned by Britain's AIF Group and Aeron Group from the United States, according to Reuters. Another 20 percent belonged to Colombian investors. Houston-based Continental (NYSE: CAL), which is the world's sixth-largest airline, owns a 49 percent stake in Copa. Roger EWROPS