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CSAV raises US$108 million for seven boxships and Hapag-Lloyd merger
CHILE's Compania Sud Americana de Vapores (CSAV) has raised US$108 million from shareholders to finance seven ships under construction and meet conditions of its planned merger with Germany's Hapag-Lloyd.
The $108 million figure amounts to 53 per cent of the total capitalisation and the sale has allowed Quinenco, the controlling group of CSAV, to increase its shareholding from 46 per cent to 50.9 per cent, reports Lloyd's List.
The remaining shares are offered in a second sale on August 7 with the Chilean shipping company hoping to raise some $202 million in total.
According to a company statement, the aim is to fully finance the acquisition of seven new 9,300-TEU ships being built by Samsung Heavy Industries. Deliveries are expected towards the end of the year.
"Using state-of-the-art technology, will enable CSAV to significantly reduce its bunker consumption costs," the company said in a statement.
CSAV and Hapag-Lloyd recently confirmed plans for a merger that they hope to complete by November. Those plans have been lodged with the European Commission for approval but no decision has yet been made.
Meanwhile, the US Department of Justice and the Federal Trade Commission have approved the merger plans. The European Commission received formal notification but as yet has not come to a decision.
The $108 million figure amounts to 53 per cent of the total capitalisation and the sale has allowed Quinenco, the controlling group of CSAV, to increase its shareholding from 46 per cent to 50.9 per cent, reports Lloyd's List.
The remaining shares are offered in a second sale on August 7 with the Chilean shipping company hoping to raise some $202 million in total.
According to a company statement, the aim is to fully finance the acquisition of seven new 9,300-TEU ships being built by Samsung Heavy Industries. Deliveries are expected towards the end of the year.
"Using state-of-the-art technology, will enable CSAV to significantly reduce its bunker consumption costs," the company said in a statement.
CSAV and Hapag-Lloyd recently confirmed plans for a merger that they hope to complete by November. Those plans have been lodged with the European Commission for approval but no decision has yet been made.
Meanwhile, the US Department of Justice and the Federal Trade Commission have approved the merger plans. The European Commission received formal notification but as yet has not come to a decision.
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