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LAN-TAM merger to undergo antitrust review in Chile


Shares in LAN Airlines and TAM shares fell on Friday, as the Chilean antitrust regulator announced it will proceed with a review of their planned merger. A probe would take six to nine months. LAN reportedly stated the investigation could delay the deal, stating even if it were approved by the end of 2Q2011, the companies would not be able to merge before 4Q2011. Shares in TAM were 4% lower, while LAN Airlines shares declined by 0.5%.

Hawaiian Airlines announced the pricing of USD75 million aggregate principal amount of its 5% convertible senior notes due 2016 in an underwritten public offering. The offering is expected to close on 23-Mar-2011, subject to the satisfaction of customary closing conditions. The company also granted the underwriters of the notes an option to purchase up to an additional USD11.25 million aggregate principal amount of the notes solely to cover over-allotments.

Selected AAD daily share price movements (% change): 18-Mar-2011

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