Singapore's Temasek buys 1.18% stake in LAN

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Singapore's state-owned investment firm Temasek Holdings has purchased a 1.18% stake in Chile's LAN Airlines.

"We confirm we have acquired a 1.18% stake in LAN Airlines," says a Temasek spokesman.

Temasek is believed to be among several clients represented by Chilean investment bank Celfin Capital who purchased a 3.3% stake, or 11.3 million shares, in LAN on their behalf yesterday for $196 million.

The stake was auctioned on the Santiago Stock Exchange, as newly elected Chilean president Sebastian Pinera completes the sale of all his shares in LAN.

Pinera, who had held a 26% stake in LAN through his investment firm Axxion, had pledged to sell all his shares in LAN if he was elected president.