SAO PAULO, 2 Mar. The National Civil Aviation Agency of Brazil (ANAC) has approved the merger of LAN Airlines and TAM, but did not specify the details of his decision, according to local newspaper publishes the 'O Globo'. According to the newspaper said the process needs to be revised in a second phase by the Brazilian system of protection of competition, culminating in the evaluation of the subject by the Council for Economic Defense (Cade).
The link between TAM and LAN, announced in August 2010, was temporarily suspended by the Court of Free Competition in Chile (TDLC) which decided last January to study the complaint filed by the National Consumers and Users of Chile (Conadecus ) alleging that the merger "can have serious and harmful effects on competition." After receiving the complaint, the Chilean court granted within 30 working days the parties to present their respective positions as from the publication of its decision in the Official Gazette of Chile.
However, the Chilean authorities' decision does not prevent the Brazilian competition considering the case, although in practice the operation will not materialize until Brazil and Chile nod to the merger, which could happen this year. THE NEW 'HOLDING'. The new 'holding', to be called LATAM, would have a fleet of over 220 aircraft, which cover more than 115 international destinations, with a workforce of 40,000 employees.
In 2009, both airlines billed more than 8,500 billion dollars (6.128 million euros) and transported 45 million passengers and 832,000 tons of cargo. The two airlines will keep the brands. As agreed, the shareholders of LATAM consider Amaro Brazilian family will have a 13.67% of the new society, a Chilean family Cueto 24.07%, while other shareholders will share LAN and other 46.6% TAM shareholders a 15.65%.
The merger provides for the listing of the shares of LAN in the Sao Paulo Stock Exchange and the withdrawal of TAM ADR of New York. 
The link between TAM and LAN, announced in August 2010, was temporarily suspended by the Court of Free Competition in Chile (TDLC) which decided last January to study the complaint filed by the National Consumers and Users of Chile (Conadecus ) alleging that the merger "can have serious and harmful effects on competition." After receiving the complaint, the Chilean court granted within 30 working days the parties to present their respective positions as from the publication of its decision in the Official Gazette of Chile.
However, the Chilean authorities' decision does not prevent the Brazilian competition considering the case, although in practice the operation will not materialize until Brazil and Chile nod to the merger, which could happen this year. THE NEW 'HOLDING'. The new 'holding', to be called LATAM, would have a fleet of over 220 aircraft, which cover more than 115 international destinations, with a workforce of 40,000 employees.
In 2009, both airlines billed more than 8,500 billion dollars (6.128 million euros) and transported 45 million passengers and 832,000 tons of cargo. The two airlines will keep the brands. As agreed, the shareholders of LATAM consider Amaro Brazilian family will have a 13.67% of the new society, a Chilean family Cueto 24.07%, while other shareholders will share LAN and other 46.6% TAM shareholders a 15.65%.
The merger provides for the listing of the shares of LAN in the Sao Paulo Stock Exchange and the withdrawal of TAM ADR of New York.
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