LAN and TAM complete merger and create LATAM.
The new airline is the largest in Latin America and one of the top ten global giants in the sector, with a market capitalization exceeding US$12,5 billion.
247 - Brazilian airline TAM and Chilean airline LAN concluded their merger process on Friday, the 22nd, with the exchange of shares on the BM&FBovespa stock exchange, thus creating LATAM Airlines Group, which is born as the largest airline in Latin America and one of the ten largest in the world in the sector, with a market capitalization exceeding US$ 12,5 billion.
TAM shareholders exchanged 99,9% of their shares for LAN shares, at a ratio of 0,9 LAN shares for each TAM share. This percentage refers to the TAM shares that participated in the exchange offer and represent 95,6% of the total shares of the Brazilian airline.
According to LAN's executive vice president, Enrique Cueto, the creation of LATAM "is an opportunity to bring South America to the world."
Cueto reported that each airline in the group will maintain its operations centers in Santiago and São Paulo, and will continue operating under its own brands.
Maurício Rolim Amaro, vice president of TAM, said that the new company will allow them to offer new destinations to their customers and generate greater value for shareholders.
Rolim will be the Chairman of the Board of Directors. Cueto will occupy the Executive Presidency of Latam.
LATAM will offer its passengers approximately 150 destinations in 22 countries and cargo flights to 169 cities in 27 countries.
With information from EFE