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German group buys shares in CSAV

German group buys shares in CSAV

The deal, which was struck in May 2009 but only completed last week, saw shipowners with container ships on charter to CSAV invest US$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 (US$1.13) per share for 318m shares, representing a 33% premium to this week’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 – (Ports & Ships Maritime News)