2012 merger date for Brazil, Chile airlines: CEO
Sunday 25 September 2011
The merger of Chile's LAN and Brazil's TAM airlines will take place early next year, said Ignacio Cueto, chief executive of the Santiago-based air carrier.
"We hope that the tie-up will take place in the first quarter of 2012," he said at a forum of business leaders here.
An anti-trust court on Wednesday approved the merger of the two airlines under certain conditions, which if agreed to, would create Latin America's largest air carrier.
The merger was first unveiled last year but was challenged by Chilean consumer organization Conadecus, which warned that the deal could undermine competition and lead to higher ticket prices.
Chile's anti-trust court, in a split decision, approved the merger, but said in its ruling Wednesday that the new company must conform to 11 conditions to ensure "effective competition in Chile's aviation market," including allowing other carriers on some routes currently dominated by the two airlines, particularly between Santiago and Sao Paulo.
LAN and TAM, already two of the largest airlines in South America, said the new company, LATAM airlines, would be one of the 10 largest in the world.
The new carrier would have combined revenues of more than $8.0 billion and fly passengers to 115 destinations in 23 countries.
It would have a combined workforce of 40,000 employees and a fleet of more than 240 aircraft.
Brazil's National Agency for Civil Aviation approved the merger in March, while the Brazilian competition regulator has yet to issue a ruling.
The Independent travel offers: Discover a world of inspiring destinations
- 1 The political parties aren't all the same – which means 2015 will be a 'big-choice' election
- 2 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Chic new hotels in 2015: From Britain's first football-themed property to a Facebook millionaire's debut desert resort
Top 10 travel destinations for 2015: From Haiti and Alaska to Namibia and Iceland
The 10 Best lightweight luggage
The 10 Best hiking boots
The Grand Budapest experience: Setting the scene in Görlitz
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
£25000 - £30000 per annum: Recruitment Genius: The fastest growing fitness cha...
£240 - £275 per day: Investigo: Support the global business through in-depth a...
Negotiable: Ashdown Group: Data Manager - MySQL, Shell Scripts, Java, VB Scrip...
£27000 - £32000 per annum: Ashdown Group: Application Support Analyst - near S...