Major stockholder cancels sale of stake in CSAV
The Chilean group Angelini has canceled its plan to sell its entire 18.4-percent stake in Compania Sud Americana de Vapores (CSAV), saying potential buyers would not pay its required minimum price per share.
Instead, Angelini said its affiliates AntarChile S.A. and Inversiones Angelini will hold on to their shareholdings in Compania Sud Americana de Vapores, South America’s largest shipping company.
The minimum price was 1,300 Chilean pesos ($2.29) per share, slightly below the share price on the stock exchange. Based on the minimum price, the sale would have yielded proceeds of about $310 million for Angelini.
Founded in 1872, CSAV has grown from being a local shipping operation in Chile to become an international player, partly by acquiring fellow carriers Norasia, Libra and Montemar.