SANTIAGO, Chile -(Dow Jones)- Chilean flagship carrier LAN Airlines SA (LFL, LAN.SN) received the U.S. Securities and Exchange Commission's approval to launch a public exchange offer for Brazil's airline TAM SA's (TAM, TAMM4.BR) shares, LAN said in a filing with the Chilean regulator SVS late Wednesday. The share-exchange offer is the final step to conclude the merger between TAM and LAN after nearly two years since both airlines announced their merger plans. LAN expects to launch the public offer Thursday, said a person familiar with the company. The merger will be concluded 30 days after the share-exchange offer is launched, the person added. The merger between LAN and TAM will create the largest airline in Latin America and one of the ten biggest in the world in terms of revenue. Earlier this week, LAN received the Brazilian regulator CVM's approval to launch the share-exchange offer and was waiting for the SEC's approval. -By Graciela Ibanez, Dow Jones Newswires; +56-2-715 8929; graciela.ibanez@dowjones.com
