At an extraordinary shareholder’s meeting this morning, the shareholders of SAAM [SM SAAM S.A.] approved the agreement to sell 100% of the shares of its subsidiaries SAAM Ports and SAAM Logistics, as well as the real estate assets belonging to the logistics business, to the German liner shipping company Hapag-Lloyd, a transaction that was valued at about US$ 1 billion. The shareholder’s meeting had an attendance quorum of 91.05%.

“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 agreement consists of selling SAAM’s stakes in the ten port terminals it operates in six countries in the Americas (five are in Chile), along with the ground logistics business, which includes bonded warehouses in Iquique, Valparaíso and San Antonio and other properties where SAAM Logistics currently operates.

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.

The decision at this extraordinary meeting gives dissenting shareholders the right to withdraw, in accordance with the provisions of the Corporations Act.
Source: SAAM