CSAV share plummets following Hapag-Lloyd deal

Two announced capital increases included in the Hapag-Lloyd agreement send smaller CSAV shareholders running for the fences.

Shares in container carrier CSAV, Cia. Sud Americana de Vapores SA, are plummeting on the Santiago Stock Exchange after shareholders have studied the planned agreement, which has Hapag-Lloyd acquiring the Chilean carrier in return for CSAV securing a 30-34 percent stake in the German carrier.

Bloomberg reports that the CSAV share decreased 12 percent on Friday, for the biggest decline in two years, following a period in which the share, since December 3rd 2013, has increased by 31 percent, which was the day before CSAV - controlled by the wealthy Luksic family - notified the market about the negotiations with Hapag-Lloyd.

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