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
Iberia (airline) company, this operation was approved by the Chilean antitrust prosecution, and then began a merger process in which Iberia losses some rights acquired during its time as shareholder of Ladeco. In 1997 Iberia sold its shares in Ladeco after had made a $22 million investment. In 1996, the airline launched its website. The company ordered 76 aircraft from Airbus in February 1998, which at the time was the largest single Airbus order. The following year it bought Aviaco and inherited that airline's fleet. By the end of the 90's Iberia owned as majority shareholder the Spanish airlines Aviaco, Viva Air,