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SANTIAGO (Dow Jones)-- Sebastian Pinera plans to sell his controlling stake in the holding company Axxion SA, which in turn holds a controlling stake of 64.48 million shares, or 19%, of Chile's Lan Airlines (LFL), according to a Tuesday filing with the local securities regulator. Pinera plans to sell his Axxion stake "through periodic sales for an indefinite period starting Jan. 20," according to the filing. Pinera has said he intends to launch a presidential bid.

Correction: One hour later, after knee jerk dumps

Chilean president hopeful Sebastian Pinera plans to sell shares in the holding company Axxion SA, which in turn holds a controlling stake of 64.48 million shares, or 19%, of Chile's Lan Airlines (LFL), according to a Tuesday filing with the local securities regulator.

Pinera plans to sell some Axxion shares "through periodic sales for an indefinite period starting Jan. 20," according to the filing. He said he'd likely divest most of his various holdings before launching his presidential bid

(In "Chile Lan Controller Pinera To Begin Selling 19% Stake," published at 18:08 GMT, the nature of Pinera's holding and divestment was misstated).