Chile's LAN Airlines LAN.SN (LFL.N) said on Friday a regulatory investigation could delay its proposed merger with Brazil's TAM (TAMM4.SA) (TAM.N), as the duration of the probe is uncertain. LAN said it hoped Chile's antitrust tribunal (TDLC) would approve the deal by the end of the second quarter; but even so, the airline said it would be impossible to merge the companies, forming Latin America's largest carrier, before the fourth quarter, The Chilean regulator said on Thursday it would investigate a consumer complaint against the proposed merger, saying the probe could take six to nine months.
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