Delta Air Lines (DL, Atlanta Hartsfield Jackson) has announced in a SEC filing that its offer to purchase shares representing a 20% stake in LATAM Airlines Group was oversubscribed by the existing shareholders, allowing the American airline to complete the acquisition.

"Santander Corredores de Bolsa Limitada, in its capacity as Manager of the Offer, received acceptances for 503,392,200 LATAM shares, and 21,815,922 American Depositary Shares (which represent an equal number of LATAM shares), which in the aggregate represent approximately 86.61% of the issued, subscribed and paid-in shares of LATAM," Delta said.

Going forward, the carrier will acquire shares on a pro-rata basis to reach its intended level of shareholding amounting to 20%.

"Based on the foregoing, the Offeror [Delta Air Lines] becomes a direct and indirect holder (through the ADS) of 121,281,538 LATAM shares, which represent 20% of LATAM's issued, subscribed and paid-in shares", Delta clarified.

Delta will pay USD16 (or the equivalent in Chilean pesos) per share, valuing the total acquisition at USD1.94 billion.