Antar Chile

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What it is

AntarChile is the main holding company of the Angelini Group of Companies, one of the largest conglomerates in South America. Its operations run through five segments — fuel distribution through Copec, timber and pulp through Arauco, gas distribution through Abastible, fishing and seafood through Pesquera Iquique-Guanaye, and crude-oil pipeline transport through Sociedad Nacional de Oleoductos.

Its single most important asset is a 60.82% stake in Empresas Copec, one of Chile’s largest companies. Through its subsidiaries, AntarChile sells products in more than 80 countries.

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Who owns it

The ultimate controllers are Roberto Angelini Rossi and Patricia Angelini Rossi, who exercise control through Inversiones Angelini y Cía. Ltda., which owns 63.62% of AntarChile.

Insiders in total hold about 89% of shares, leaving a free float of roughly 11% — a tightly held stock (our calculation).

The family traces its roots to patriarch Anacleto Angelini Fabbri, who came to Chile from Italy, bought the controlling interest in Empresas Copec in 1986, and at his death in 2007 left control of the empire to his nephew, Roberto Angelini Rossi. Roberto’s sister Patricia Angelini Rossi also owns stakes in the family firm, while Roberto’s son Maurizio Angelini serves on the boards of both AntarChile and Copec.

In early 2026, AntarChile expanded its board from seven to nine members — a move that brought Patricia Angelini’s branch into the board of the holding for the first time.

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Who runs it

Roberto Angelini Rossi serves as Chairman of the Board of AntarChile, a role he also holds at Empresas Copec. The company designated Andrés Lehuedé Bromley as its CEO (Gerente General); a CFO name is not disclosed in available public sources at holding-company level.

The board also includes lawyers Manuel Bezanilla and Juan Edgardo Goldenberg, and Maurizio Angelini Amadori.

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The money, in plain words

AntarChile keeps less than 2 cents of profit from every dollar of revenue — a net profit margin of 1.87% — which is thin, but typical for a conglomerate that owns fuel-distribution businesses running on very tight retail margins. For every dollar owners have invested in the company, it earned about 7 cents last year — a return on equity of 6.96%, modest but recovering.

Profit swung sharply over three years: net income was CLP 234bn (~US$259m) in 2023, jumped to CLP 658bn (~US$726m) in 2024, then fell back to CLP 520bn (~US$574m) in 2025 (our calculation from structured data). Revenue meanwhile grew a steady 3.9% from 2023 to 2025 — the profit volatility reflects swings in pulp prices and one-off forestry asset sales, not the underlying business collapsing (our calculation).

The stock trades at just 6.9 times earnings — a price-to-earnings ratio of 6.9× — which is low even for a conglomerate discount. The company’s dividend policy had provided for distributing 40% of profits, but in October 2024 it agreed to reduce that share to 30% for dividends covering 2024, 2025, and 2026 — cash being preserved for the large investments below.

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What it is doing now

ARAUCO, the forestry arm, is investing US$4.6 billion in the Sucuriú pulp mill project in Brazil, targeting annual cellulose production of 3.5 million tons, with operations due to start in Q2 2026. Empresas Copec had committed a capital increase of up to US$1.2 billion for the project, with US$300 million already deployed by Q4 2024.

Nutrisco, the food arm, acquired the remaining 35% of frozen-fruit subsidiary Valle Frío for US$18 million, reaching full ownership, and invested over US$8 million to expand its Romeral plant and increase freezing capacity by 50%. In January 2025, Copec launched Chile’s first 100% electric fuel station in Vitacura, Santiago.

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What to watch

• Sucuriú ramp-up: the US$4.6bn Brazilian pulp mill is the single biggest bet on the table; start-up delays or weak pulp prices would weigh directly on earnings.
• Profit recovery: net income fell 21% in 2025 after a strong 2024; the direction of global pulp and fuel margins will determine whether 2026 brings a rebound.
• Dividend policy reset: from 2027, the company may return to its 40% distribution policy — a potential catalyst for the share price if profits are also recovering.
• Family governance: the board expansion to include both Angelini branches is a structural change; how the two sides align on capital allocation deserves watching.
• Valuation gap: a P/E of 6.9× is strikingly low for a company with assets across 80 countries; whether that gap closes depends on profit consistency and conglomerate-discount sentiment in Chile.

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This is news, not investment advice.