MercoPress. South Atlantic News Agency

Spain's Marsans might sell Argentine airline

Spanish travel group Marsans is seeking partners to invest in its Aerolíneas Argentinas unit, and would even consider selling it entirely if the price were right, a source close to the company said yesterday.

Marsans, which controls some 98 percent of the airline, has long wanted to float 30 percent of its Argentine unit on the stock exchange and open up a further stake of at least 15 percent to core investors, the source said.

"The aim is to bring in new investors. This stake (of 15 percent) could be larger," the source said.

Marsans plans to continue with the stock flotation despite a row with the Argentine government over its accounts after the company returned to profitability three years ago, he added.

"If a buyer appears with a good price, then of course we could sell the whole thing," the source said.

However, Spanish newspaper Cinco Días yesterday quoted Marsans owner Gonzalo Pascual as saying he and his partner Gerardo Díaz had no plans to relinquish majority control over Aerolíneas Argentinas.

Rumours of a sale emerged in recent days after Chilean carrier LAN Airlines said it expected to start operations in Argentina in the coming months.

LAN said it hoped to employ 800 workers currently engaged by state-owned Lafsa ? which owns routes but has no planes.

A spokesman for Aerolíneas Argentinas in Argentina told local media on Monday that Marsans did not rule out selling the company to an international group.

Aerolíneas Argentinas Chairman Antonio Matta said in January the company plans to invest around $1 billion this year, mainly on renewing its fleet.