Bloomberg News

Chilean Stocks: Copec, Corpbanca, La Polar, Lan, Sigdo Koppers

December 29, 2011

Dec. 29 (Bloomberg) -- The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of the close in Santiago.

The Ipsa index rose 0.5 percent to 4,171.95. The MSCI Chile index gained 0.8 percent to 2,260.51.

Corpbanca (CORPBANC CC) fell 1.3 percent to 6.72 pesos, its fourth day of losses. Chile’s fifth-largest lender by assets said Mario Chamorro resigned as chief executive officer. Cristian Canales will fill the position on an interim basis, Corpbanca said in a statement posted on the website of Chile’s securities regulator.

Empresas Copec SA (COPEC CC) rose 0.9 percent to 6,950.9 pesos, ending a five-day losing streak. The company’s Celulosa Arauco & Constitucion SA unit agreed to buy a wood panel plant in Moncure, North Carolina from Uniboard USA LLC, for $56 million plus $6 million in working capital.

Empresas La Polar SA (LAPOLAR CC) fell 2.6 percent to 290.48 pesos, a record low. The department-store operator that filed for bankruptcy this year for the second time since 1999 plans to resume issuing credit cards that may be used only in its own stores, according to a statement posted yesterday on the website of Chile’s securities regulator.

Lan Airlines SA (LAN CC) added 0.6 percent to 12,211 pesos, the most in a week. Latin America’s largest airline by market value expects no “relevant financial effect” on consolidated earnings from Argentine authorities’ decision to revoke its right to fly international flights from the Aeroparque Jorge Newberry airport in Buenos Aires, it said in a filing posted today on the website of Chile’s securities regulator.

Sigdo Koppers SA (SK CC) fell 0.3 percent to 854.09 pesos, its fifth day of losses. The Chilean industrial holding company prepaid a $329 million syndicated loan it secured Oct. 14 for the acquisition of Belgium’s Magotteaux Group, Sigdo Koppers wrote in a statement posted on the website of Chile’s securities regulator.

--Editors: Brendan Walsh, Richard Richtmyer

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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