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) on the worldwide scene. The investments started in June 1990 with the buy of a 30% stake in Aerolineas Argentinas. In 1991 Iberia bought a 45% stake in Viasa for $81million and a 35% stake in Chilean Ladeco The airline continued making progress in setting up Europe's first international airline frequent-flyer programme in 1991, with the creation of "Iberia Plus." In 1994 the bad results of Aerolineas Argentinas, which presented a positive balance in its commercial exploitation but nevertheless hid a significant deficit with losses in non-operating activities, led Iberia to increase its ownership participation to 85%. With this increase