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Join Us At 0900ET, Friday, 4/10, for the LIVE Morning Brief.
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Thu, Oct 27, 2011

Path Cleared For LAN, TAM Merger

Chilean Airline PAL Removes Objectctions, Court Approves Deal

Chilean airline PAL has decided to withdraw its appeal before the Supreme Court of Chile against the merger process between LAN and TAM. After detailed analysis of the resolution of the Tribunal de Defensa de la Libre Competencia (TDLC), Chile’s antitrust court, and of LAN’s appeal before the Supreme Court, which was submitted after the appeal filed by PAL, the company is convinced that LAN accepts the large majority of the mitigation measures imposed by the TDLC. Furthermore, PAL recognizes that the mitigation measures that LAN is appealing are either not essential, or LAN proposes reasonable alternatives.

After analyzing LAN’s appeal before the Supreme Court of Chile and confirming that LAN’s objections have only partial and minimal impacts on the mitigation measures imposed by the TDLC, PAL believes that the merger meets the requirements of Decree Law N°211 and adequately protects free competition. LAN has agreed to reimburse PAL for costs and expenses incurred during the legal proceedings and subsequent appeal before the Supreme Court, while PAL agreed to desist from all actions against the merger, both in Chile and in Brazil.

Under the agreement, PAL will abstain from presenting any further objection in Chile or abroad and requested LAN cover the costs incurred by PAL in connection with the proceedings at the TDLC and its appeal before the Supreme Court. Accordingly, and pursuant to a settlement agreement between both companies dated October 25, 2011, LAN agreed to pay PAL 116,091 Unidades de Fomento (approximately equivalent to US$5 million).

CADE’s approval in Brazil is the next regulatory step for the creation of LATAM Airlines Group.

FMI: www.lan.com

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