Chilean airline LAN and Brazil's TAM SA said on Friday they had started to define the corporate structure of the group they will merge to create one of the world's largest airlines.The airlines said in a joint statement that the two companies would keep their current corporate structures after the merger to create the LATAM Group, a deal they expect to be complete by the end of the first quarter of next year.The multibillion-dollar deal still needs approval from Brazilian antitrust council Cade.The companies said Mauricio Rolim Amaro, currently vice president of TAM, would become Chairman of the LATAM Group, while Enrique Cueto, executive vice president of LAN Airlines, would become CEO of the LATAM Group.
TAM SA (TAM) is a Brazil-based company engaged in the air transportation activities. Shares of TAM traded higher by 6.37% or $1.25/share to $20.86. In the past year, the shares have traded as low as $13.92 and as high as $25.92. On average, 1196970 shares of TAM exchange hands on a given day and today's volume is recorded at 493577.
