Richest Family in South America Doubled Its Fortune on an Investment Analysts Hated
- Chilean dynasty owns major stake in shipping firm Hapag-Lloyd
- Family also owns $12 billion stake in miner Antofagasta
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The Luksic family, South America’s wealthiest with a combined fortune of about $25 billion, is reaping the benefits of a bet on global shipping and port logistics more than a decade after it first entered the industry.
An initial 2011 investment by its holding company Quinenco SA in Chilean shipping firm Compania Sud Americana de Vapores SA, or CSAV, was met with skepticism from analysts and investors after it initially posted steep losses. The family stepped in to put up more than half of a $1.2 billion capital raise in 2012, and executives had to negotiate waivers with banks and bondholders to spin off its tugboat fleet.