Thursday, 22 September 2011
One step beyond: Chile's Antitrust court approves LAN and TAM merger
LAN Airlines S.A. (LAN) (Stock symbols: IPSA: LAN / NYSE: LFL) and TAM S.A. (TAM) (Stock symbols BM&F BOVESPA: TAMM4 / NYSE: TAM), yesterday announced that Chilean antitrust court, (Tribunal de Defensa de la Libre Competencia (TDLC)) , approved the merger between LAN and TAM. This represents one more step in the process which both companies have followed to complete the transaction.
The antitrust court’s resolution is complex and considers a series of mitigating measures (full text in Spanish). Therefore, both companies are currently analyzing in depth the implications and impact of the measures imposed by the court.
In Brazil antitrust unit of Finance ministry on August recommended the approval of a plan by Chilean airline LAN to buy TAM , because the deal will not harm competition in the country's civil aviation market.
The new group, to be known as LATAM Airlines Group, would include LAN Airlines and its affiliates in Peru, Argentina and Ecuador; Lan Cargo and its affiliates; TAM S.A.; TAM Mercosur and all other holdings of LAN and TAM.
LAN and TAM would continue to operate under their existing operating certificates and brands. Each airline within the group would maintain its current headquarters in Santiago and Sao Paulo. Regarding a new brand involved in this merger, both companies are applying simultaneously the name “LATAM AIRLINES” in Brazil (INPI) and Chile (INAPI), for classes 9,12,16,25,36,37,38,39 (airlines business), 41, 42, 43 y 45 (9th Nice Classification).
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