Tuesday, 26th June 2012 by Joe
Rowley
After a legal process taking almost two years and including fierce legal
challenges from rival airlines and consumer groups in both countries, Brazilian
airline TAM and Chilean flag carrier LAN announced last week they had completed
their merger to create Latin America’s largest airline.
The share swap is the final stage in a difficult two year merger that has seen
legal challenhes in boths countries. (Credit: a51media)
Friday’s share-swap signals the final stage in a merger process stretching
back to 2010, widely considered to Latin America′s most complex deal in
recent history.
Almost 96 per cent of TAM’s shareholders agreed to exchange each share they
hold in the Brazilian airline for nine-tenths of a share in the newly-merged
company. The offered LAN shares will be delivered in the form of Brazilian
Depositary Receipts in Brazil and American Depositary Receipts in the US.
LATAM Airlines Group, the name of the newly-merged company, is one of the world’s
10 largest airlines with passenger flights to 150 destinations in 22 countries
and cargo business routes to 169 destinations in 27 countries.
Machado, Meyer,
Sendacz e Opice Advogados partner Antonio Corrêa Meyer, who gave
Brazilian counsel to TAM, says in spite of the challenges, there weren?t any
low points over the last two years.
Counsel to TAM
Machado, Meyer,
Sendacz e Opice Advogados
Partners Antonio Corrêa Meyer, Carlos José Rolim de Mello, Raquel Novais,
Fernando Tonnani and Eliana Chimenti, and associates Fabio Falkenburger and
Alessandra de Souza Pinto
(Latin Lawyer
26.06.2012)
(Notícia na Íntegra)