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BRAZIL. Brazil’s Administrative Council for Economic Defence (Cade) has approved LAN Airlines’ takeover of TAM, clearing the way for the creation of Latin America’s largest airline.
The merger of the Chilean LAN group with São Paulo-based TAM creates LATAM Airlines Group. The deal had been announced in August 2010, and received clearance from Chilean authorities in September 2011.
In granting the approval, Cade requires that LATAM withdraws from either the Star Alliance or Oneworld alliances, of which TAM and LAN respectively are members.
LATAM must also forfeit two slots on the São Paulo–Santiago route.
Last year, TAM and LAN flew more than 45 million passengers between them.
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