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German group get stake in CSAV

German group get stake in CSAV
Chilean shipping group CSAV has successfully concluded the sale of 21% of the company to a group of German shipowners that agreed to slash charter rates at the height of the last year?s box sector crisis.

German owner grouping secures stake in CSAV

Chilean shipping group CSAV has successfully concluded the sale of 21% of the company to a group of German shipowners that agreed to slash charter rates at the height of the last year"s box sector crisis.

The deal, which was struck in May 2009 but only completed last week, saw shipowners with boxhips on charter to CSAV invest $360m in the company to cover the equivalent of a 36% cut in charter fees.

The group of German owners which includes Peter Döhle, Rudolf Schepers, Hammonia, Rickmers and F. Laeisz, now represents the second largest shareholder grouping after Maritima de Inversiones, which is controlled by the family of CSAV chairman Jaime Claro.

German shipowners agreed to the investment at the end of May 2009 in a last-gasp bid to stave off the company"s collapse.

Shipowners have paid Peso583 ($1.13) per share for 318m shares, representing a 33% premium to yesterday"s share price of Peso436.

As part of the deal, the German owners have insisted on changes in management. Two new executives have been appointed to the board as a result.

Ricardo de Tezanos Pinto, administrator of the fund manager Fondo Magallanes, and former CSAV general manager Francisco Silva will join the board to accelerate the Valparaiso-based shipping line"s ongoing restructuring.

www.turkishmaritime.com.tr

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