Hapag-Lloyd AG has agreed to buy Cia. Sud Americana de Vapores SA in a deal that would create the fourth biggest shipping firm in the world.
LQ Inversiones Financieras, Banco de Chile's majority shareholder, will sell up to 6.9 billion shares equivalent to $963 million. The exit deal would reduce LQ's stake in the Chilean lender from 58.4% to 51%.
Top executives of shipping companies Compania Sud Americana de Vapores and Hapag-Lloyd were reportedly negotiating a merger deal. Vapores has suffered losses and is seeking for ways to become more competitive.