Compania Sud Americana de Vapores S.A. (SNSE:VAPORES) announced that it intends to conduct a private placement for gross proceeds of $200,000,000 on January 24, 2014. The company will issue equity securities in the transaction. The transaction is subject to approval at the extraordinary shareholders' meeting of the company.

On February 13, 2014, the company announced that it shall receive the funding in the first half of 2014. In case the company is unable to receive the funds, existing shareholder, Quinenco, shall subscribe to the capital increase. The company may raise an additional $400,000,000 in the second half of 2014 contingent on the completion of the tie-up with Hapag-Lloyd.

On February 14, 2014, the company announced that the transaction has been approved by the directors in extraordinary session.

On March 21, 2014, the company announced that the shareholders approved the transaction at the Extraordinary Shareholders Meeting.