LAN Airlines S.A. (LAN) (NYSE: LFL/IPSA: LAN) and TAM S.A. (TAM) (BM&FBOVESPA: TAMM4/NYSE: TAM) today announced that LAN, TAM and their respective controlling shareholders have agreed on the final transaction structure for the transaction described in the Memorandum of Understanding signed by both companies on August 13, 2010. In this context, TAM’s subsidiaries (i) TAM Linhas Aéreas S.A, (ii) Pantanal Linhas Aéreas S.A. and (iii) TAM Milor Táxi Aéreo, Representações, Marcas e Patentes S.A. have submitted this structure for the approval of the Brazilian National Civil Aviation Agency (ANAC).
The approval of ANAC is a mandatory requirement to complete this transaction. Both companies continue working towards implementing the announced transaction, which is still subject to the parties entering into necessary definitive agreements, and satisfaction of conditions, including regulatory and corporate approvals and actions.
Any further information about this transaction:
LAN Airlines is a one of the leading passenger and cargo airlines in Latin America. The company and its affiliates serve over 70 destinations around the world through an extensive network that offers full connectivity within Latin America, while also linking the region with North America, Europe and the South Pacific, as well as 70 additional international destinations through its various alliances. LAN Airlines and its affiliates have a leading position in their respective domestic markets of Chile and Peru as well as an important presence in the Argentinean and Ecuadorian domestic markets.
Currently, LAN Airlines and its affiliates operate one of the most modern fleets in the world, with 91 passenger aircraft. LAN Cargo and its respective affiliates have a fleet of 11 dedicated freighters. The Company has one the youngest fleets in the world which has meant greater efficiency and a significant reduction in CO2 emissions, reflecting its strong commitment to environmental protections.