Brazilian airlines TAM falls ahead of auction, merger with Chile's LAN Brazil's TAM Airlines (TAM) is sliding ahead of an auction for its shares scheduled to be held tomorrow morning at 9 am ET. The auction is part of the process of a merger between TAM and Chilean airlines LAN (LFL). The auction comes after an exchange offer for TAM's shares was launched on May 10. The exchange offer is slated to end today at 5 pm ET. In late morning trading, TAM slid $1.09, or 4.94%, to $20.97, while Lan added 11c to $25.52.