CSAV say they are restructuring, not up for sale
November 29, 2011
Chilean container line CSAV has denied claims that its container business is up for sale.
In a statement, the company said it was restructuring its services to focus on markets in which it had clear competitive advantages, and that it was seeking joint-ventures with other shipping companies to “enhance the efficiency and quality of its services”.
CSAV said: “The plan involves the search for a strategic partner for our container business, but not finding a buyer for that business unit.”
The company added that it was separating its cargo shipping business from the port and terminal operations managed by its subsidiary, Sudamericana Agencias Aéreas y Marítimas, in order to promote the growth of the latter.
Celfin Capital is advising CSAV on a US$1.2 billion capital increase that will strengthen the shipping line’s financial position.
Courtesy of IFW
