LAN shares down, market awaits sale of President elect’s stake
LAN (-0.8%) shares were down on Monday (15-Feb-2010), after Chile's IPSA (-0.9%) index closed slightly lower in light trade, as US markets were closed for Presidents Day. The market is currently awaiting Chile's President-elect, Sebastian Pinera's sale of his 26.3% stake in LAN. Mr Pinera plans to sell the shares before entering office on 10-Mar-2010.
According to Dow Jones, analysts expect shareholder, the Cueto family to purchase a further 18% stake from Mr Pinera. The famiy currently owns a 23.2% stake in the carrier. It was speculated last month fellow South American carrier, TAM, was also considering purchasing some of Mr Pinera's stake.
LAN's share price has been steadily increasing since the end of last year, as the carrier continues to expand operations and is reportedly currently looking into possible acquisitions.
For all of the latest on carriers in both North and South America, see America Airline Daily. Other articles in today's issue include:
- Four US carriers to apply for limited Tokyo Haneda slots;
- United Airlines hints at future merger;
- Air Canada to launch flights linking Regina, Ottawa and Montreal.
LAN share price: 09-Nov-2009 to 12-Feb-2010
Source: Centre for Asia Pacific Aviation & Yahoo! Finance