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as matter of fact I just heard a new rumour, LAN bought Aires Colombia
It is very... very possible
I just read today on Flightglobal:
"..Publicly-traded LAN also has been looking at establishing new passenger airlines in Colombia and Brazil, perhaps through a merger or acquisition....""
Avianca confirms 'strategic merger' with TACA
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Here is a VERY nice Break Down on Latin American aviation:
Latin American aviation: Can Avianca set the Synergies flowing?
Latin American aviation: Can Avianca set the Synergies flowing? | Centre for Asia Pacific Aviation