Why Shares of LATAM Airlines Soared 33% in September
Shares of LATAM Airlines Group (NYSE: LTM) gained 33% in September, according to data provided by S&P Global Market Intelligence, after the South American aviation company announced a joint venture and alliance with Delta Air Lines (NYSE: DAL). Delta stole LATAM out of the arms of U.S. rival American Airlines Group after Chilean officials expressed concerns about LATAM and American cooperating on routes.
LATAM, South America's largest airline group, is a longtime partner of American but in May was blocked from forming a joint venture with the U.S. carrier. That looked like a setback for LATAM in its efforts to lock in a U.S. partner and split revenue on premium routes connecting U.S. business travelers to the Southern Hemisphere.
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Source Fool.com
