LATAM Chile company to Icarosan and Scandinavian Airlines (49%), which subsequently sold its stake a few years later to local investors. Since 1994, major shareholders have been the Cueto Family and businessman Sebastián Piñera (until 2010), who sold his shares when taking office as President of the Republic of Chile. The approval from the Chilean Anti-Trust Authority resulted in the acquisition of the country's second largest airline Ladeco on August 11, 1995. In October 1998, Lan Chile merged its cargo subsidiary Fast Air Carrier with Ladeco, forming LAN Express. In 1998 LAN Airlines established a joint venture with Lufthansa called LLTT ("Lufthansa-LAN
Arkaim (airline) parent company. Expected to begin operations by the end of 2009, the airline also expects to add flights on local routes from Ufa to Neftekamsk and Sibay, possibly utilising Let L-410 Turbolet-sized aircraft. According to Kommersant, industry experts and competitors do not give the airline a chance at success, due to intensive competition on trunk routes, and the lack of a regional air travel market in Bashkortostan. Andrei Martirosov, the general director of UTair Aviation, does not believe that there is available US$500 million in Russia with which to build a network airline and also stated that he is not