Axxion to Discuss LAN Stake Sale

Axxion, the holding company through which Chile’s president-elect Sebastian Pinera owns 19.0% of airline LAN, will meet shareholders to discuss the sale of all or part of the stake February 5. Pinera has promised that he will sell his entire LAN holding, which local analysts value at around $1.5bn, before he takes over the presidency in March. Celfin Capital was hired last April to handle the sale. Inversiones Santa Cecilia, another of the companies Pinera controls, owns 7.3% of LAN. It also seems that the Cueto family, which has a 25% in LAN and is seen as the most likely buyer, is preparing to acquire Pinera’s shares. Costa Verde Aeronautica, another Chilean company it controls, announced it would also hold a shareholder meeting February 5 to study a capital increase.