CCU Wraps up Equity Raise

Compania Cervecerias Unidas (CCU) has concluded the second step in an equity follow-on raising CLP325bn ($658m), it says. The Chilean beverage company had a 98% hit rate, selling 50m of the 51m shares on offer, including of 27.4m of 28.4m shares available in the preferential rights period closed Thursday. The shares sold at a CLP6,500 price that was set last month during the first phase, in which 22.6m shares were sold. Shares in the market closed at CLP Thursday. CCU is raising funds for organic growth and acquisitions. IRSA, owned equally by Heineken and the Luksic family’s Quinenco vehicle, is expected to control 60% of the company post-float, with the market holding the rest. JPMorgan, Citi, Deutsche Bank, and Goldman Sachs are managing the international portion, and BanChile and LarrainVial are handling the local portion. CCU in a June meeting agreed to a capital increase of up to CLP340bn.