Reuters: Mergers News: UPDATE 1-Chile LAN sees Brazil TAM takeover done mid-May

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UPDATE 1-Chile LAN sees Brazil TAM takeover done mid-May Mar 29th 2012, 19:59 Tweet Share this Email Print Related Topics Stocks » M&A » Markets » Airlines » Industrials » Thu Mar 29, 2012 3:59pm EDT * LAN CEO sees share swap with TAM in six weeks * LATAM group to be one of world's biggest carriers By Antonio De la Jara and Brad Haynes SANTIAGO, March 29 (Reuters) - Chile's LAN Airlines expects a share swap to complete the takeover of Brazil's TAM in six weeks, wrapping up the multibillion dollar takeover by mid-May, LAN's Chief Executive Enrique Cueto said on Thursday at Chile's FIDAE air show. The takeover to create LATAM Airlines Group will create one of the world's biggest carriers and the largest in Latin America. LAN and TAM have appealed to Chile's Supreme Court over three measures Chile's antitrust regulator imposed on the takeover relating to code-share agreements, ID:nS1E78K20Bobligations to give up some flights via Lima to other cities, and surveillance requirements. Cueto said he expects the top court to issue a decision within two weeks and reiterated the ruling will not affect its takeover of TAM. LAN expects solid growth in its passenger traffic in 2012, but the high price of fuel will pressure costs, Cueto told Reuters earlier on Thursday. The airlines' shares gained on Thursday afternoon, both outpacing their respective bourses. Shares in LAN were up 0.16 percent in Thursday afternoon trade, outperforming Santiago's blue-chip IPSA stock index, which slipped 0.45 percent. Shares in TAM were trading up 0.62 percent, while Brazil's benchmark Bovespa stock index shed 0.49 percent. Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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