This link is in spanish:
http://www.estrategia.cl/detalle_noticia.php?cod=44972

When I translated it to English, there was a very important part to the conditions that LATAM has to agree on an here it is:

Rule number 6: Latam must resign within a period not exceeding 24 months from the date you accessed Operation materialize, at least one of the two global alliances, at that time involved parts, LAN and TAM. In no case may belong to one in which the group also Avianca / Taca is a member or associate, or is in the process of entering.

Rule number 7: For Avianca / Gol Taca or may not hold or maintain code-share arrangements in the other international routes within South America where superpogan air transport services with those of Latam.

Looks like it's bye bye to Star.