SANTIAGO Jan 7 Regional carrier LATAM Airlines
on Friday will seek to raise at least $294
million by selling shares that weren't snapped up in a recent
offering intended to increase capital.
The company, Latin America's largest airline, will offer
10.3 million shares at a minimum of $15.17 each, it told the
Santiago stock exchange.
LATAM, the fruit of Chilean airline LAN's 2012 takeover of
Brazil's TAM, took in roughly $784 million in a preferential
capital increase period that wrapped up in December.
The amount fell short of the $1 billion the company is
seeking to raise to bolster its finances and achieve the margins
it enjoyed before the merger.
The incomplete sale of the stock was largely caused by
Brazilian group Amaro's decision not to exercise its right to
buy 8.4 million shares.
Weakness in the Brazil has hurt LATAM's operating margins,
but third quarter results suggest the carrier is turning the