The boards of LAN and TAM have decided to continue with their plans to merge after analyzing the resolution of the Tribunal de Defensa de la Libre Competencia, Chile’s antitrust court. They don’t expect the measures to have a significant impact on expected synergies or future strategic development. Although the mitigation measures are broadly in line with those LAN and TAM were willing to accept in the consultation process, the companies consider that three of the measures are illegal and unconstitutional in certain aspects, and they have resolved to appeal these measures before the Supreme Court of Chile.
The companies believe that the appeal will not prevent them from continuing with the merger process, subject to the final resolution of the Supreme Court, and therefore believe that the appeal process will not delay LAN and TAM’s plans bring the transaction into effect, which the companies believe can be concluded towards the end of the first quarter 2012. For more information, visit www.tam.com.br or www.lan.com.
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