Thu, Oct 27, 2011
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.
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