Brazil passes TAM's merger with LAN, shares rise
SAO PAULO (Reuters) - Brazil's civil aviation authority passed on Thursday the planned combination between Brazilian airline TAM TAMM4.SA and Chilean rival LAN with no restrictions, giving a boost to their project to create Latin America's largest airline.
The authority, known as ANAC, said in the government's official gazette that the process was approved "in the same mold that it was presented." The media office of ANAC had confirmed on Wednesday the decision to award permission to TAM and its largest rival LAN.
The news comes after antitrust regulators in Chile, where LAN LAN.SN is based, halted in January the integration between the carriers, citing it could potentially harm competition. The combined airline, which would be named LATAM, would become Latin America's biggest airline.
The process still requires authorization from other regulatory entities in Brazil.
Shares of TAM TAMM4.SA, Brazil's largest airline, rose for a second day in Sao Paulo, gaining 1.3 percent to 36.04 reais.
Shares of LAN rose 1.6 percent in Santiago.
(Reporting by Alberto Alerigi Jr.; Writing by Guillermo Parra-Bernal; Editing by Gerald E. McCormick)
WASHINGTON - A bipartisan budget deal announced in the U.S. Congress on Tuesday, while modest in its spending cuts, would end nearly three years of partisan stand-offs between Democrats and Republicans that culminated in October with a partial government shutdown.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.