Sept. 19 (Bloomberg) -- Gol Linhas Aereas Inteligentes SA's controlling investor said it may take the airline private after its stock lost almost half its value over the past year. The company's shares rose as much as 12 percent.

Gol, Latin America's second-biggest carrier, also may remain public, and Fundo de Investimento em Participacoes Asas may buy back some of the stock, Gol said in a regulatory filing today. Brazil's Oliveira family controls Asas.

Before today, Gol's shares had fallen 46 percent in the past 12 months after two fatal plane crashes caused widespread airport delays, damping air-travel demand in Brazil. Gol has cut its 2007 profit forecast three times this year.

``The airline industry is facing a very difficult moment,'' said Amaryllis Romano, an analyst at Sao Paulo-based Tendencias Consultoria. ``Profitability has been compromised because demand is falling.''

Gol gained 4.33 reais to 44.90 reais on the Sao Paulo stock exchange. The stock is listed in Brazil and the U.S.

Valor Economico newspaper reported earlier today that Gol was considering delisting its shares.

Family Dispute

Nene Constantino, head of the family that controls the company, wants to delist the company, which went public in June 2004, as soon as possible, Valor said, citing people familiar with the situation. Constantino de Oliveira Jr., his son and Gol's chief executive officer, opposes the idea, saying the move would be too costly for the company and close off cheaper sources of funding, Valor said.

A Gol spokeswoman in Sao Paulo declined to discuss the Valor report with Bloomberg News, saying the company doesn't comment on speculation.

``The dispute in the family raises concern about the future strategy of the company,'' said Eduardo Puzziello, an equity analyst at Fator Doria Atherino brokerage in Sao Paulo, who is reviewing his ``attractive'' rating for the stock and doesn't own any of the shares. ``Gol would be closing access to a cheap source of financing.''

Gol's plan may increase investor demand for shares in TAM SA, Brazil's biggest airline, Puzziello said. TAM shares rose 7.6 percent today in Sao Paulo.

To contact the reporter on this story: Romina Nicaretta in Sao Paulo at rnicaretta@bloomberg.net.

Last Updated: September 19, 2007 16:29 EDT