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LAN shareholders approve merger with TAM by broad majority

23-Dec-2011 10:29 AM

LAN Airlines confirmed (21-Dec-2011) LAN shareholders have approved the merger of LAN with Sister Holdco S.A. and Holdco II S.A., two special purpose companies created exclusively for purposes of this transaction, where shares of TAM S.A. will be held, directly or indirectly, prior to their consolidation into LAN. LAN will be the surviving entity, with an exchange ratio set at 0.9 LAN shares for each share of the absorbed companies, and will be renamed LATAM Airlines Group S.A.. LAN shareholders approved the merger on the proposed conditions by a broad majority, with over 99.99% of shares present at the meeting. [more - original PR]