LAN Airlines Shareholders OK TAM Takeover

December 21, 2011

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Chile's LAN Airlines shareholders approved the company's planned takeover of Brazil's TAM on Wednesday, rubber-stamping the creation of one of the world's largest carriers.

Brazil's Cade antitrust agency approved LAN's takeover of TAM with some conditions last week, following the green light from Chilean regulators in September.

Shareholder approval clears the way for the airlines to form LATAM Airlines Group in a share swap scheduled for the first quarter of next year.

(Reuters)