The boards of directors at Chile’s LAN Airlines and Brazilian operator TAM have backed a binding agreement that, if approved by shareholders and regulators, will create one of the world’s largest carriers as soon as August. Under the plan unveiled Jan. 19, LAN Airlines eventually will assume a controlling role within the new company, as well as the new name Latam Airlines, while TAM eventually will be folded into the new company structure. Latam Airlines also will assume LAN’s current ...

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