9-Aug-2011 12:47 PM

Pal seeks to Block LAN-TAM takeover in Chile court

Chile's Pal Airlines filed a court request to block LAN Airlines SA's planned USD3.3 billion takeover of Brazil's TAM SA (Bloomberg, 08-Aug-2011). Pal Airlines presented a request to Chile's Constitutional Court on 03-Aug-2011 to declare the purchase unconstitutional. Chile's Antitrust Tribunal, TDLC, is reviewing the takeover and may announce its ruling in Aug-2011. Pal argued that if the TDLC approves the deal, any mitigation measures proposed will be taken from an out-of-court agreement Lan and Tam reached in Jan-2011 with Chile's National Economic Prosecutor prior to the review by the TDLC.

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