CSAV Shareholders Approve Hapag-Lloyd Tie-Up

CSAV’s Headquarters in Santiago, via Flickr

SANTIAGO, March 21 (Reuters) – Shareholders of Chilean shipper Compania SudAmericana de Vapores on Friday approved an agreement that combines its container-shipping operations with those of Germany’s Hapag-Lloyd, though dissident stakeholders could still kill the deal in the next month.

Vapores has agreed to take a 30 percent stake in Hapag-Lloyd, making it the single largest shareholder in the German firm and creating the world’s fourth-largest container-shipping company.

Nearly 85 percent of Vapores’ shareholders voted to approve the tie-up.

However, according to the terms of the deal, if more than 5 percent of Vapores’ total shareholders exercise withdrawal rights within the next 30 days, the deal will be annulled.

Fewer than 1 percent voted against the transaction, said Vapores Chief Executive Oscar Hasbun.

“We hope that on April 20 we can confirm that fewer than 5 percent of withdrawal rights were exercised and as such, the negotiation with Hapag-Lloyd can continue its course,” he said.

Shareholders also gave Vapores – which is controlled by the Luksic family, Chile’s wealthiest – the green light for a $200 million capital increase to help finance the purchase of seven container ships from Samsung Heavy Industries. (Reporting by Anthony Esposito; Editing by Steve Orlofsky)

© 2014 Thomson Reuters. All rights reserved.

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