The Brazilian Amaro Group has sold off a 2.2% stake in LATAM Airlines Group for more than USD100 million, reports La Tercera. LATAM was formed in 2012 when Amaro's TAM Linhas Aéreas (São Paulo Congonhas) merged with Chile's LAN Airlines (Santiago de Chile). At that time, Amaro's stake in the newly formed airline group was almost 14%. With the latest sell-off, its direct stake is now around 3%.

In mid-2016, Qatar Airways (QR, Doha Hamad International) purchased 10% of LATAM for USD618 million through the issuance of new shares. To avoid a stake dilution, Amaro restructured its holdings through a sale of 6.47% to Cueto Group for USD296 million. In a statement to Hosteltur, Amaro clarified that its share capital has not changed, as it "continues to hold a 21.9% interest in Costa Verde Aeronáutica, formed by the Cueto and Amaro families, the parent company of the airline group."