Compañía Sud Americana de Vapores (CSAV) subscribed Friday in Hamburg the capital increase in Hapag-Lloyd, augmenting its majority shareholding in the German shipping company to 34%, up from 30%.

With this, CSAV fulfiled its commitment to concur with 70% of the capital increase in Hapag-Lloyd, for a total amount of EUR370m ($452m) and with it concluding the last step of the merger of the container shipping business of both companies.

CSAV contributed EUR259m in Hapag-Lloyd, including an additional contribution which allowed an increase of 4% in its shareholding in Hapag Lloyd.

CSAV's cash contribution in Hapag-Lloyd has been financed, partly, with a bridge loan granted by Itaú Unibanco S.A. – Nassau Branch, drawn for 180 days. The Chilean company expects to collect the funds required to repay the bridge loan during the placement process of 11.680 million shares issued in the capital increase for up to $400m in which Quiñenco subscribed $216.4m. The Pre-emptive right period lasts until 13 January 2015.

Following the merger of their container shipping business, Hapag-Lloyd became the fourth largest operator in the world, with a fleet of approximately 200 vessels with a carrying capacity of around a million teu, an annual transported volume of 7.5m teu and combined annual revenues of $12bn.