La Polar Stock Offering Approved, Shares Surge in Santiago

Empresas La Polar SA shareholders approved a proposal to sell new stock as the Chilean department-store operator seeks to avert a second bankruptcy in 12 years.

In a meeting in Santiago today, stockholders gave their consent for the sale of 250 million shares to be priced at a subsequent meeting. The transaction may raise about $200 million, which will help make the company viable, Chairman Cesar Barros told reporters after the meeting.