Vapores, Hapag-Lloyd make deal, plan €740m capital raise

Vapores, Hapag-Lloyd make deal, plan €740m capital raise

Equity

Chilean shipping firm Compania Sud Americana de Vapores (CSAV) is set to consult shareholders on a capital raise after agreeing to take a 30% stake in Hapag-Lloyd under a non-binding agreement announced on Wednesday. The pair plans to raise €740m ($1bn) of capital in two transactions. CSAV will subscribe €259m of the first capital raise, to be executed within 100 days of the agreement being finalized, which will give it a stake of close to 34% in the German shipper. The Chilean firm said it was

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