CSAV starts roadshow for capital increase after Hapag-Lloyd merger

CSAV is starting a roadshow and pre-emptive rights period for capital increase after merger with Hapag-Lloyd.

The proceeds will be used mainly to subscribe the amount committed by CSAV in the capital increase of Hapag-Lloyd.

The capital increase of $400m approved last August by CSAV’s board of directors for which 11.680m shares have been issued. The preferred option period will run until 13 January 2015.

The registered shareholders, at 9 December, will be entitled to subscribe in this period of first refusal, at a price of $21 per share.

The proceeds will be used mainly to subscribe the amount committed by CSAV in the first capital increase of Hapag-Lloyd after the merger of their businesses container (EUR 259m, equivalent to 70% of the capitalisation sought by the German company), whereby the Chilean shipping company will increase its stake in Hapag-Lloyd of 30% to 34%, becoming the majority shareholder of the fourth largest container shipping company in the world. The remainder will be used to cover closing costs of the transaction.

“We will have 34% of a company that sells $12bn with potential synergies in its cost structure by $300m a year, so we believe that here is a good investment opportunity,” said CSAV ceo Oscar Hasbun.

CSAV is now initiating the domestic roadshow for investors and will continue the international roadshow during the second week of January 2015. The process will be conducted by Itaú BBA Corridor and Exchange Limited Santander SA Stock Brokers
Source: Seatrade Global