Brazil’s antitrust regulator, the Council for Economic Defence (CADE) today approved the merger between LAN and TAM in a unanimous vote. The CADE imposed only two conditions to the merger, which are both in line to what LAN offered to the Chilean Fiscalía Nacional Economica (FNE) on past January, through an out-of-court agreement and that were afterward reiterated by Chile’s antitrust court (TDLC), in a consultation process which ended with the approval of the merger by the court.
This represents the conclusion of the regulation approval process necessary in the merger between the two airlines in Brazil. Both airlines remain confident that the merger will be completed during the estimated calendar, in the first quarter of 2012.
The full report of CADE’s ruling is expected to be available shortly. In Brazil, the merger was already approved by different authorities, such as the ANAC (Civil Aviation National Agency), the Secretariat for Economic Monitoring (SEAE) of the Ministry of Finance, and by the Brazil’s Secretariat of Economic Law (SDE) of the Ministry of Justice.
Source = LAN / TAM