
SANTIAGO DE CHILE, Jan 21 (BERNAMA-NNN- MERCOPRESS) -- Chilean airline LAN has agreed with the Brazilian airline TAM on merger terms which will take place in the next six to nine months in a statement the Chilean company said that the airlines have signed an agreement regarding the terms for the merger following the signing of a memorandum of understanding (MOU) in Aug. The new airline will be known as LATAM, one of the ten largest airlines in the world, with annual sales in the region of US$8.500 million. The merger has to be approved by the Brazilian National Civil Aviation Agency (ANAC) and relevant government authorities. According to the statement, the agreement was signed by the directors of LAN and TAM at meetings which took place in Chile and Brazil. They also agreed to recommend the merger to their shareholders. LATAM will be 24.07% owned by the Cueto family, owner of LAN; 13.67% the Amaro family, owner of TAM and the remaining 70.67% by minority shareholders. LATAM will provide passenger and cargo transport services to 115 places in 23 countries on more than 280 aircraft and with over 40,000 employees. -------------------------------
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