June 21, 2012
Brazilian airline TAM, which on Friday will offer minority shareholders the option to swap preferred shares of the company for those of Chilean airline LAN has set the price for the transaction.
The price has been set at 52.50 reais (USD$25.48) each, the airlines said on Thursday in a note published by the São Paulo Stock Exchange.
LAN is carrying out the share swap as part of its take over of TAM to create the world's second largest airline by market value.
