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(Adds comments from IAG, updates share price)
SANTIAGO, Nov 9 (Reuters) - Santiago-listed shares in LATAM Airlines rose 5.04 percent on Monday following a brokerage report that British Airways-owner IAG is looking at working more closely with the Chile-headquartered carrier, traders said.
At a meeting with analysts IAG boss Willie Walsh said he wants to work more closely with LATAM, according to Santiago-based brokerage EuroAmerica.
"When they are ready and willing to sit down at the table to negotiate we will have constructive talks," to reduce IAG's dependence on the northern hemisphere market, said Walsh, according to EuroAmerica.
At IAG's Capital Markets Day on Friday, "Willie Walsh answered questions from analysts. The question was made in the context of joint venture or joint business," an IAG spokeswoman told Reuters.
IAG's focus on growing profit at its portfolio of airlines comprising BA, Ireland-based Aer Lingus and Spain's Iberia and Vueling comes as rivals Lufthansa and Air France-KLM battle with strikes and staff opposition to cost cuts. (Reporting by Anthony Esposito Editing by W Simon)