LAN Airlines' Holding Company Suspended from Trading and Placed Under Investigation in Chile

After its shares jumped by 101%, Axxion S.A. a holding company that is a partial owner of Chile's LAN Airlines S.A., and is controlled by the country's newly elected president, Sebastian Pinera, has been suspended from trading and placed under investigation by the country's financial market regulator, the SVS.

Shares in Axxion Jump On Speculation that Presidential Candidate Pinera will Sell LAN Airlines Stake

Ahead of the January 17, 2010 second round of Chile's presidential elections shares of Axxion, an investment company that controls 72.3% of presidential candidate Pinera's 26.33% stake in LAN Airlines S.A. (Santiago Stock Exchange:LAN), jumped 36.4%, as investors speculate on the likely sale of Pinera's LAN stake following a victory in the election.

LAN Airlines' Brazilian Affiliate Under Investigation in Brazil

ABSA, Aerolinhas Brasileiras S.A., a Brazilian affiliate of LAN Cargo a division of LAN Airlines (NYSE:LFL) could be hit with fines totaling as much as 30% of the company's 2005 revenues, according to Chilean press sources.

Chile's LAN, One of Latin America's Largest Airlines, Reports 3Q Profits Down by 37%

LAN Airlines S.A. (NYSE:LFL), one of Latin America's largest airlines, with 2008 revenues of US$4.5 billion, a company controlled by right-of-center Chilean presidential candidate Sebastian Pinera, reported that its third quarter 2009 profits fell 37% to US$52.1 million, down from US$83 million a year ago.