LAN, TAM Define Merged Structure
Chilean airline LAN and Brazil's TAM said on Friday they had started to define the corporate structure of the group they will merge to create one of the world's largest airlines.
The airlines said in a joint statement that the two companies would keep their current corporate structures after the merger to create the LATAM Group, a deal they expect to be complete by the end of the first quarter of next year.
The multi-billion dollar deal still needs approval from Brazilian antitrust council Cade.
The companies said Mauricio Rolim Amaro, currently vice president of TAM, would become chairman of the LATAM Group, while Enrique Cueto, executive vice president of LAN Airlines, would become CEO of the LATAM Group.
Ignacio Cueto will take over as CEO of LAN Airlines, while Marco Bologna will remain as CEO of TAM, the airlines said.
A small Chilean airline on Tuesday dropped its appeal against larger rival LAN's planned takeover of TAM, removing a major hurdle to the deal.