Angelini to sell 18% stake in CSAV

Angelini to sell 18% stake in CSAV    The Angelini group, a major stockholder in Compania Sudamericana de Vapores (CSAV), is selling an 18-percent stake in the Chilean shipping company.
   The operation should fetch about $320 million at current stock prices. It was described as “one of the largest stock exchange transaction in the country” by a spokesman for BICE Chileconsult, a financial adviser to Angelini. The Angelini group owns 135 million shares in CSAV through AntarChile S.A and Inversiones Angelini.
   CSAV has a total market capitalization of about $1.8 billion and is the largest shipping group in South America.
   A “road show” to sell the shares started in Chile in the last week of December and an international road show commenced in New York Thursday.
   A spokesman for BICE Chileconsult said the proposed transaction is generating “significant interest amongst both Chilean and international investors.”
   Founded in 1872, Vapores has grown from being a local shipping operation in Chile to become an international player, partly by acquiring fellow carriers Norasia, Libra and Montemar.