Chile’s Pinera agrees to sell 8.56% LAN stake to Cueto family

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LAN Airlines’ (Chile) part-owner and also Chile’s President-elect, Sebastian Pinera, will sell a smaller-than-expected stake in the airline to his partners, leaving a portion for investors interested in one of Latin America’s biggest carriers.

Yesterday Pinera agreed to sell his 8.56 percent stake in LAN Airlines (Chile) (Santiago), worth around $500 million, to the Cueto family, a lower stake than the market first expected.

The center-right businessman had originally offered to sell 71.7 million shares worth $1.23 billion to the family, which along with Pinera is the controlling stakeholder in the Santiago-based carrier. The remaining 60 million shares will be sold to others starting between now and March 9, when Pinera officially completes the sale to the Cueto family.

Full news report from Reuters: