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)