CSAV stockholder sets sale price for 18% stake
The Angelini group, a major stockholder in Compania Sudamericana de Vapores (CSAV), has set a minimum price per share for its proposed sale of its entire 18-percent stake in the Chilean shipping company, scheduled for Jan. 19.
The minimum price is 1,300 Chilean pesos ($2.29) per share, slightly below Thursday’s closing price of 1,315 pesos on the Chilean stock exchange. Below this minimum price, Angelini said it will not sell, and instead will maintain its interest in CSAV as a financial investment.
Based on the minimum price, the sale would fetch about $310 million for Angelini.
The seller said CSAV is “the leading player in South America and amongst the 15 largest shipping companies worldwide” in a sector that has “enormous potential.”
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.