LAN Shareholders Approve Merger with TAM by Broad Majority
SANTIAGO, Chile--(BUSINESS WIRE)--LAN Airlines S.A. (NYSE: LFL; “LAN or “the Company”), one of Latin America’s leading passenger and cargo airlines today announced that at an Extraordinary Shareholders Meeting held today in Santiago, Chile, LAN shareholders 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., subject to (i) the terms and conditions of the binding contracts between both parties; and (ii) a final decision, on or before April 30, 2012, in the pending Reclamación before the Chilean Supreme Court that seeks the approval of the proposed business combination between LAN and TAM.
LAN shareholders approved the merger on the proposed conditions by a broad majority, with over 99.99% of shares present at the meeting. The Shareholders Meeting also approved a change to the Company’s corporate name, and other necessary transactions contemplated in the agreements between the parties.
This approval is an important milestone in the implementation of the merger proposal between LAN and TAM, which is expected to be concluded by the end of the first quarter 2012.
About LAN
LAN Airlines is one of the leading passenger and cargo airlines in Latin America. The company and its affiliates serve over 100destinations around the world through an extensive network that offers full connectivity within Latin America, while also linking the region with North America, Europe and the South Pacific, as well as 70 additional international destinations through its various code share agreements. LAN Airlines and its affiliates have a leading position in their respective domestic markets of Chile and Peru as well as an important presence in the Argentinean, Ecuadorian and Colombian domestic markets.
Currently, LAN Airlines and its affiliates operate 134 passenger aircraft while LAN Cargo and its respective affiliates have a fleet of 14 dedicated freighters. The Company has one of the youngest fleets in the world which has meant greater efficiency and a significant reduction in CO2 emissions, reflecting its strong commitment to the protection of the environment.
LAN is one of the few Investment Grade airlines in the world (BBB). The company’s world class quality standards enabled its membership in oneworld™, an alliance of leading global airlines of which LAN has been a member for 10 years. For more information please visit www.lan.com or www.oneworldalliance.com.
LAN shareholders approved the merger on the proposed conditions by a broad majority, with over 99.99% of shares present at the meeting. The Shareholders Meeting also approved a change to the Company’s corporate name, and other necessary transactions contemplated in the agreements between the parties.
This approval is an important milestone in the implementation of the merger proposal between LAN and TAM, which is expected to be concluded by the end of the first quarter 2012.
About LAN
LAN Airlines is one of the leading passenger and cargo airlines in Latin America. The company and its affiliates serve over 100destinations around the world through an extensive network that offers full connectivity within Latin America, while also linking the region with North America, Europe and the South Pacific, as well as 70 additional international destinations through its various code share agreements. LAN Airlines and its affiliates have a leading position in their respective domestic markets of Chile and Peru as well as an important presence in the Argentinean, Ecuadorian and Colombian domestic markets.
Currently, LAN Airlines and its affiliates operate 134 passenger aircraft while LAN Cargo and its respective affiliates have a fleet of 14 dedicated freighters. The Company has one of the youngest fleets in the world which has meant greater efficiency and a significant reduction in CO2 emissions, reflecting its strong commitment to the protection of the environment.
LAN is one of the few Investment Grade airlines in the world (BBB). The company’s world class quality standards enabled its membership in oneworld™, an alliance of leading global airlines of which LAN has been a member for 10 years. For more information please visit www.lan.com or www.oneworldalliance.com.