Chilean CSAV has increased its stake in container shipping line Hapag-Lloyd, so that CSAV now owns 30 percent of the German container line, reports Alphaliner.
Around two weeks ago, CSAV bought more shares in Hapag-Lloyd, expanding the Chilean company's stake from 27.8 percent to 30 percent. As such, CSAV is now the biggest shareholder in Hapag-Lloyd ahead of Klaus Michael Kühne, who owns 29.6 percent of Hapag-Lloyd, writes the analyst firm.
CSAV grew its stake by buying shares from Qatar Holding, which has reduced its stake in Hapag-Lloyd to 12.3 percent from 14.5 percent. Hapag-Lloyd's other shareholders are HGV and Public Investment Fund of Saudi Arabia.
In a message to shareholders, CSAV says that the acquisition of shares in Hapag-Lloyd is part of an investment totaling close to USD 330 million.
CSAV and Kühne have in the past year significantly grown their stakes in Hapag-Lloyd. The share purchasing began for real in early 2019, when both shareholders each owned around 25 percent of the shares in the shipping company.
The two shareholders have both not commented on the reasons for buying more shares in Hapag-Lloyd.
Since January 2019, Hapag-Lloyd's shares have increased by 354 percent.
English Edit: Daniel Logan Berg-Munch