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Airline TAM delisted in Brazil after takeover

Airline TAM delisted in Brazil after takeover

RIO DE JANEIRO, July 19 | Fri Jul 20, 2012 5:26am IST

(Reuters) – TAM, the Brazilian airline recently acquired by Chilean carrier LAN, in a securities filing on Thursday said it has now been delisted by the Brazilian market regulator.

Through a share swap completed last month, which created the world’s second-biggest airline by market value, LAN completed its long-pending takeover of the Brazilian carrier. After the all-stock transaction, valued at about $2.7 billion, the combined company, based in Santiago, is known as LATAM Airlines Group.

Under the terms of the agreement, TAM would be delisted in Brazil once 95.9 percent of the airline’s shareholders tendered their stock