Rheem Chile Spa agreed to acquire 14.44% stake in CEM S.A. (SNSE:CEM) for CLP 7.5 billion in cash on December 17, 2014. Rheem Chile offered CLP 173.92 per CEM's share. The transaction was approved by the Board of Directors of CEM S.A. The offer will commence from May 22, 2015. The Board of Directors called for an extraordinary shareholders Meeting to be held on November 1, 2015 or within the 30 days from the approval of the financial statements in which the shareholders must decide upon the merger. The transaction is subject to approval by the shareholders of Rheem Chile and CEM S.A., Rheem Chila S.A. and its shares getting registered in the Registro de Valores de Superintendencia de Valores y Seguros and cancellation of register of CEM S.A. in the Registro de Valores de Superintendencia de Valores y Seguros. The transaction is expected to close by June 12, 2015. Post transaction, the name of Rheem Chile will be changed to CEM S.A.

As of June 18, 2015, the shareholders of Rheem Chile and CEM S.A. approved the transaction. As of July 29, 2015, the dissenting shareholders of CEM S.A. are entitled to receive payment regarding their withdrawal right on July 31, 2015. As of September 1, 2015, 0.01 million shares were acquired. As of September 3, 2015, 1418 shares were acquired. As of September 3, 2015, Rheem Chile SpA acquired 78 shares in CEM S.A. from Mario Fernandez Rodriguez. As of September 24, 2015, Rheem Chile SpA acquired 463 shares from Myriam Werth Zanoleti and 17 shares from Cristian Valdivia Germain. As of September 25, 2015, Rheem Chile SpA acquired 14 shares from Vera Kuhlmamn Biggs. As of September 24, 2015, Rheem Chile SpA acquired 6 shares in CEM S.A. from Ester Precht Bañados. As of September 25, 2015, Rheem Chile SpA acquired 26 shares in CEM S.A. from Rosa Rodrighiero Zuaiga. The offer is administered by MBI S.A., Corredores de Bolsa.