LAN, TAM agree to 'final transaction structure' of merger

LAN Airlines and TAM announced Thursday that their "respective controlling shareholders have agreed on the final transaction structure" for their proposed combination under a single holding company, LATAM Airlines Group (ATW Daily News, Aug. 17). They said relevant papers have been submitted to the Brazilian National Civil Aviation Agency, or ANAC. "The approval of ANAC is a mandatory requirement to complete this transaction," they noted in a joint statement. "Both companies continue working towards implementing the announced transaction, which is still subject to the parties entering into necessary definitive agreements, and satisfaction of conditions, including regulatory and corporate approvals and actions."