The meeting, which had a quorum of 92.6% of CSAV shares, also approved a $200m capital increase. The money from the issue of shares will be used to financed seven new 9.300 teu vessels on order at Samsung Heavy Industries, a condition of the Hapag-Lloyd merger.
CSAV chief executive, Oscar Hasbún, expressed his confidence ahead of the next step for approving the deal: "We expect that on 20 April we will be able to confirm that the appraisal right of 5% or more of the shares was not exercised and that the negotiations with Hapag-Lloyd can go ahead."
Dissident shareholders have 30 days to right to withdraw, and so long as this remains under 5% of total shares, the deal will go ahead.
At the end of January 2014, CSAV and Hapag Lloyd signed a non-binding Memorandum of Understanding (MOU) subject to the result of due diligence currently under way. In the event of the merger, CSAV would become the largest shareholder in the combined entity, with a 30% share.
The successful merger of Hapag-Lloyd and CSAV, as per the terms of an MOU signed in January, would create the world's fourth largest container shipping company.
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