September 22, 2016 / 12:32 PM / in 2 years

LATAM Airlines' controlling families to modify ownership structure

SANTIAGO, Sept 22 (Reuters) - The two families that control LATAM Airlines, Chile’s Cueto family and Brazil’s Amaro family, said on Thursday that they have agreed to modify their ownership structure in the regional carrier in order to keep control of the company before Qatar Airways buys a stake.

The Amaro family has agreed to sell a 6.47 percent stake in the airline, which the Cueto family has said they will acquire, the families said in a statement with Chile’s SVS securities regulator.

In July, Qatar Airways agreed to acquire up to 10 percent of LATAM, in a $613 million deal that requires the consent of existing shareholders at the Chile-based carrier.

Reporting by Anthony Esposito; Editing by Bernadette Baum

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