Brazilian airline Tam (TAM +5.5%) says it will delay a share-swap auction to June 22 to give...

|By:, SA News Editor

Brazilian airline Tam (TAM +5.5%) says it will delay a share-swap auction to June 22 to give shareholders more time to approve its merger with Lan Airlines (LFL -0.5%) that would create Latin America’s largest airline. The number of holdouts among Tam's minority shareholders surprises analysts, but the takeover is not likely to be derailed.