Luksic Increases Vapores Stake

Chile’s Grupo Luksic has acquired another 8.0% stake in local shipping company Cia. Sudamericana de Vapores (CSAV) for CLP350.5 per share, or about $120m equivalent, via its subsidiary Quinenco. With this transaction, Luksic increases its stake in CSAV to about 20%, the company says. A CSAV spokesman says that the deal was privately negotiated. CSAV’s shares soared 13.4% to CLP 397.5 after the sale was announced. Quinenco’s shares jumped 3.98% to close at CLP1,880.00. On March 23, Luksic acquired a 10% stake for about $120m equivalent. Besides the share acquisition, Luksic also said it plans to propose a $1bn capital increase for CSAV at a shareholder meeting to be held on April 8.