CSAV Raises USD 357 Mln

zoom Chilean shipping company Compañía Sud Americana de Vapores (CSAV) has raised a total of USD 357 million from its share offering. The shipping company’s shareholders subscribed and paid approximately 10.420 million shares at a price of USD 21 each. The proceeds represent 89% of the companys total capitalization worth USD 400. The controlling shareholder, Quiñenco, subscribed all the right options equivalents to its pro-rrata, CSAV said. The proceeds were used to subscribe the capital increase in Hapag-Lloyd following the merger by EUR 370 million, by which the Chilean company increased its shareholding in Hapag-Lloyd from 30% to 34% and cover the transaction closure expenses, the company added. “This is an opportunity to invest in a global shipping company with sales of 12 billion dollars, approximately, with potential synergies in its costs structure for USD 300 million per year and in which CSAV is today the largest shareholder,” said CAV Chief Executive, Oscar Hasbún, adding that he is optimistic with respect to the placement of the remaining stocks. CSAV plans to offer the remaining shares on the market through a floor auction which will be lead by Itaú BBA Corredor de Bolsa Limitada and Santander S.A. Corredores de Bolsa. Image: Hamburg Hafen