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Chilean President to sells remainder of LAN shares to market and Bethia SA

25-Mar-2010 1:40 PM

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”.