Chile Richest Family Risks Golden Touch With Ships: Freight

Chile’s Luksic family became the country’s wealthiest by buying underperforming businesses and turning them around. With shipping company Cia. Sud Americana de Vapores SA, it may have lost its way.

Quinenco SA, the Santiago-based holding company controlled by the Luksic brothers, said Sept. 2 it would buy as much as $1 billion of a $1.2 billion share increase in CSAV, Latin America’s largest container shipping company. That will probably give the Luksics control after shareholders approved the transaction today. Since the announcement, shares in CSAV, as the company is called, have slumped 45 percent.