in respect of COMPAÑÍA SUD AMERICANA DE VAPORES S.A.
Securities Registry No. 76
**************** SAAM advances from first stage in negotiations with SMIT
Both parties have agreed to valuate SAAM´s port tug boat
business in America in
USD 520 million versus USD 470 million for SMIT.
Should the joint venture close, these companies would be the
leaders in the growing American tug boats market, with
important growth potential in the activities of maritime
support to the oil industry in said continent.
Santiago, December 2, 2011.- Compañia Sud Americana de Vapores S.A. (CSAV) announced today that its subsidiary Sudamericana Angencias Aereas y Maritimas S.A. (SAAM), after signing a memorandum of understanding, continues to make progress in the negotiations to materialize an association in equal parts in the tug boats business with SMIT, a subsidiary of the Dutch company Boskalis and the second most important player in the world in this business.
SAAM, stand alone, is currently the first operator in America
and fourth world wide in the tug boats area. Upon closing the
joint venture, these companies would lead the market in the
American continent operating initially a fleet of 150 leading
technology tug boats.
During this first stage, fundamental points were agreed
allowing the process to continue. Among them, it can be
highlighted the definition of the strategy, the businesses
and assets that will be incorporated in the association, in
addition to the organizational structure which would be
implemented in the company (board of directors and officers)
and the valuation of the contributions to be made by the
respective companies.
In the framework of this first phase, both parties have
agreed to valuate SAAM´s port tugboat business in America in
USD 520 million versus USD 470 million for SMIT, subject to
due diligence process.
With these understandings, the first stage of the negotiation
between the companies has finalized. Notwithstanding, a
binding agreement for both companies to combine their
operations has not yet materialized, and whatever is agreed
will remain subject to the ratification of the respective
boards of directors and/or shareholders meetings.
SMIT is one of the leading operators in the market of port
tugboats services and the first salvage operator in the
world. It has 170 years of experience in providing global
maritime services and owns a fleet of more than 150 vessels
deployed in seven countries worldwide. In 2010 it was
acquired by the Dutch firm Royal Boskalis Westminster.
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