Chilean President to sells remainder of LAN shares to market and Bethia SA
Chilean President, Sebastian Pinera, plans to sell the remainder of his stake in LAN to the market and Bethia SA, a holding company owned by Chile’s Solari family (Reuters/Bloomberg, 24-Mar-2010). Axxion SA, Mr Pinera’s holding company, will offer 11.3 million shares in the carrier to the market, at a starting price of CLP9,099.58 per share. The shares equate to a 3.3% stake in LAN. Bethia SA will meanwhile acquire the remaining 8% stake through a USD426 million purchase of a majority stake in Axxion from current controlling shareholder, Inversiones Santa Cecilia. The Cueto family will maintain the majority stake in LAN. LAN Vice President, Enrique Cueto, stated Bethia’s ownership of a stake in the carrier “means no changes for the airline”.