Delta Air Lines has agreed to buy a 20% stake in LATAM Airlines to massively expand its presence on routes between North and Latin America. The move, announced by the two companies late on Sept. 26, is transformative for air transport between the two regions and is a big additional step in Delta’s strategy to buy minority stakes in airlines in key markets worldwide. It is also a big loss for American Airlines, which has so far partnered with LATAM, and ...

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