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
Regional airline equipment, brought the independent regional airlines into direct competition with the major airlines, forcing additional consolidation. To improve on their market penetration, larger airline holding companies rely on operators of smaller aircraft to provide service or added frequency service to some airports. Such airlines, often operating in code-share arrangements with mainline airlines, often completely repaint their aircraft fleet in the mainline airline's sub-brand livery. For example, United Express regional airline partner CommutAir branded its entire fleet as United Express. On the other hand, regional airline Gulfstream International Airlines does not brand their aircraft. When Colgan Air was still operating, they