Latin America's biggest airline is ready for take off. The merger of TAM, the leader in the Brazilian aviation market, with Chile's main carrier LAN has been approved by Brazilian competition regulators. The merger, which was first mooted nearly a year and a half ago creates a company called LATAM. The new airline is valued at 11 billion euros and will account for six percent of the world's air transport. The merger will go ahead despite other airlines and consumer groups warning of a possible monopoly on some routes, particularly between Chile and Brazil. It will mean a single airline accounting for 80 percent of the existing air service between Sao Paulo and Santiago. More about: Airlines, Brazil, Chile