Grupo Claro analyzes selling share in logistics firms

Chilean investment group Grupo Claro has asked local brokerage and financial services firm Celfin to analyze the sale of the company's stake in the Urenda group, local paper El Mercurio reported.

The negotiations include Urenda's CCNI cargo handling firm, of which 13.0% is owned by Claro. The firms have not reached an agreement on the price of this operation, according to the report.

German bank HSH Nordbank is working with Claro to restructure the group's assets in the maritime sector. Celfin has been advising the group since February, studying alternatives for Claro's stake in Urenda's port logistics firm Agunsa as well.

Claro owns 26% of Agunsa through its company SAAM. The estimated price of this share is US$62mn, the report said.

Among the alternatives being analyzed are selling the stocks or incorporating a strategic partner.

According to the paper, the transaction is expected to go through before the end of H1. Sudamericana de Vapores (CSAV), also owned by Claro, declined to comment on the news.

On March 22, CSAV vice president Arturo Claro denied plans to sell SAAM in an interview with El Mercurio.

Publication: Business News Americas - English News
Provider: Business News Americas
March 27, 2009