Shareholders at SM SAAM S.A. (SAAM) have given the greenlight to a billion-dollar takeover from German shipping titan Hapag-Lloyd.
At an extraordinary shareholder’s meeting earlier this week, the shareholders of SAAM approved the agreement to sell 100 per cent of the shares of its subsidiaries SAAM Ports and SAAM Logistics.
The deal includes real estate assets belonging to the logistics business transaction that was valued at about $1 billion.
The shareholder’s meeting had an attendance quorum of 91.05 per cent.
The agreement consists of selling SAAM’s stakes in the 10 port terminals it operates in 6 countries in the Americas.
Five of those terminals are in Chile.
The agreement includes SAAM’s ground logistics business, which includes bonded warehouses in Iquique, Valparaíso and San Antonio and other properties where SAAM Logistics currently operates.
“It is good news that our shareholders overwhelmingly approved the transaction. It reaffirms that the deal is attractive and that, once completed, it will allow us to strengthen SAAM Towage’s growth strategy and leadership position in towage and expand the air cargo business with Aerosan,” said SAAM’s CEO, Macario Valdés.
The deal must first be approved by regulators and contractual conditions must be met. The company estimates that the process will be completed in another six to nine months.
