UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

SCHEDULE 14D-9
(RULE 14d-101)

SOLICITATION/RECOMMENDATION STATEMENT UNDER
SECTION 14(D)(4) OF THE SECURITIES EXCHANGE ACT OF 1934

COMPAÑÍA CERVECERÍAS UNIDAS S.A. (UNITED BREWERIES COMPANY, INC.)
(Name of Subject Company)

COMPAÑÍA CERVECERÍAS UNIDAS S.A. (UNITED BREWERIES COMPANY, INC.)
(Name of Person(s) Filing Statement)

American Depositary Shares (ADS) each representing

2 shares of Common Stock, no par value

(Title of Class of Securities)

204429104

(CUSIP Number of Class of Securities)

Common Stock, no par value

(Title of Class of Securities)

[N/A]

(CUSIP Number of Class of Securities)

Felipe Dubernet

Vitacura 2670, Twenty-Third Floor

Santiago, Chile

(562-24273536)

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)

With copies to:

Marcelo Mottesi, Esq.

Milbank LLP

55 Hudson Yards

New York, New York 10001

(212) 530-5602

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

ITEM 1. SUBJECT COMPANY INFORMATION.

(a) The name of the subject company is Compañía Cervecerías Unidas S.A. (United Breweries Company, Inc.) (the “Company” or “CCU”), an open stock corporation (sociedad anónima abierta) organized under the laws of the Republic of Chile. The address and telephone number of the principal executive offices of the Company are Vitacura 2670, Twenty-Third Floor, Santiago, Chile and (56-2) 2427-3000.

(b) The title of the class of equity securities to which this Statement relates is the Company’s shares of common stock, without par value (the “Shares”) and the American Depositary Shares of the Company (the “ADSs”) each representing two Shares. As of December 31, 2020, there were 369,502,872 issued and outstanding Shares of the Company, including, as of March 31, 2021, 76,248,975 Shares underlying ADSs. The Shares are quoted on the Santiago Stock Exchange and the Chile Electronic Stock Exchange under the symbol “CCU”, and the ADSs are quoted on the New York Stock Exchange under the symbol “CCU”.

ITEM 2. IDENTITY AND BACKGROUND OF FILING PERSON.

The name, business address and business telephone number of the Company, which is the subject company and the entity filing this Statement, are set forth in Item 1(a) above and are incorporated herein by reference. The Company’s investor website address is www.ccuinvestor.com. The information on the Company’s website should not be considered part of this Statement.

This statement relates to the offer (the “Offer”) by Inversiones y Rentas S.A. (the “Purchaser” or “IRSA”), to purchase an aggregate amount of up to 16,390,172 Shares which the Purchaser does not currently own, from all holders thereof, wherever located, and whether they currently hold such Shares in the form of Shares or ADSs (each representing two Shares), at a purchase price of Ch$6,800 per Share in cash (the “Offer Price”), equivalent to Ch$13,600 per ADS, without any interest, payable in Chilean pesos, provided that, with respect to Shares represented by ADSs tendered to the ADS tender agent for the Offer, the Purchaser will instruct its U.S. settlement agent to coordinate with the FX agent for the Offer for the U.S. dollar conversion of the Offer Price, so that such holders of Shares represented by ADSs tendered to the ADS tender agent that are accepted for payment pursuant to the Offer will receive payment in U.S. dollars, at the exchange rate described in the Offer to Purchase (as defined below), and less ADS cancellation fees charged by the ADS depositary and applicable withholding taxes, as further described in the Offer to Purchase. The Offer will be subject to customary conditions, and compliance with applicable U.S. and Chilean regulations. The Offer is on the terms and subject to the conditions set forth in the Purchaser’s Offer to Purchase, dated May 19, 2021, including any amendments or supplements thereto (the “Offer to Purchase”), and in the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance, and ADS Letter of Transmittal. References herein to “Ch$” and “ThCh$” refer to Chilean pesos and thousands of Chilean pesos, respectively.

The Offer is disclosed in a Tender Offer Statement on Schedule TO dated May 19, 2021 (the “Schedule TO”), filed by the Purchaser with the Securities and Exchange Commission (the “SEC”). The Purchaser’s Offer to Purchase, filed as Exhibit (a)(1)(A) to the Schedule TO, and the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance, ADS Letter of Transmittal and English translation of the Aviso de Inicio (Commencement Notice), which are filed as Exhibits (a)(1)(B), (a)(1)(C), (a)(1)(D) and (a)(1)(I), respectively, to the Schedule TO, are incorporated herein by reference.

The Schedule TO states that the address of the principal executive offices of the Purchaser is Enrique Foster Sur 20, 14^th Floor, Santiago, Chile and the Purchaser’s telephone number at that address is +(56 2) 2750-7100.

ITEM 3. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS.

Except as described or referred to in this statement, to the Company’s knowledge, there exists on the date this statement was filed with the SEC no material agreement, arrangement or understanding and no actual or potential conflict of interest between the Company and its affiliates and (a) the Company, its senior management, directors or affiliates or (2) the Purchaser or its executive officers, directors or affiliates.

General

The Purchaser is a Chilean closely held corporation (sociedad anónima cerrada) organized and existing under the laws of the Republic of Chile. Each of Quiñenco S.A. (“Quiñenco”) and Heineken Chile Limitada hold beneficial ownership of 50.0% of the Purchaser’s shares. As of the date hereof, the Purchaser beneficially owns 227,481,716 Shares, representing approximately 61.56% of the Company’s issued and outstanding Shares, directly or indirectly through its subsidiary Inversiones IRSA Limitada.

As a result of the Purchaser’s current aggregate beneficial ownership of approximately 61.56% of the issued and outstanding Shares, and its influence in the election of the directors of the Company, the Purchaser may be deemed to exert substantial influence over the Company. Seven of the nine members of the Company’s Board of Directors elected during the Company’s annual shareholders’ meeting which took place on April 14, 2021 were elected by the vote of the Purchaser, and the Purchaser also voted in favor of electing the other two members of the Company’s Board of Directors who are independent under the rules of the Securities Exchange Act of 1934, as amended, the Sarbanes Oxley Act of 2002 and the corporate governance rules of the New York Stock Exchange.

Below is a list of the Company’s directors who may be deemed to be affiliated with the Purchaser or its affiliates:

Andrónico Luksic Craig was appointed chairman of the board of Compañía Cervecerías Unidas S.A. in April 2013 and he has served as a director since November 1986. He is currently a member of the board of directors of Cervecera CCU Chile Limitada (“CCCL”), Embotelladoras Chilenas Unidas S.A., Compañía Cervercerías Unidas Argentina S.A., Central Cervecera de Colombia S.A.S. and Zona Franca Central Cervecera S.A.S. He is currently chairman of the boards of Quiñenco and LQ Inversiones Financieras S.A., vice-chairman of the boards of Banco de Chile and Compañía Sud Americana de Vapores S.A., as well as a member of the board of directors of several other companies and institutions. In addition, Mr. Luksic is Trustee Emeritus of Babson College, a member of the Harvard Global Advisory Council, the Columbia Global Leadership Council, the International Advisory Board of the Blavatnik School of Government at Oxford University, the International Advisory Boards of both the Tsinghua University School of Economics and Management and the Fudan University School of Management, and the Americas Executive Board of the MIT Sloan School of Management. Quiñenco, the owner of 50% of the equity interests of the Purchaser, is a holding company of the Luksic Group (as defined below), which is controlled by the Luksic family. Mr. Andrónico Luksic is a member of the Luksic family.

Francisco Pérez Mackenna has served as director of Compañía Cervecerías Unidas S.A. since July 1998 and previously, between 1991 and 1998, he held the position of chief executive officer of the Company. In 1998 he was appointed chief executive officer of Quiñenco, a position he holds to date. He is a member of the board of several companies, including CCCL, Embotelladoras Chilenas Unidas S.A., Viña San Pedro Tarapacá S.A., Compañía Cervercerías Unidas Argentina S.A., Compañía Pisquera de Chile S.A., Banco de Chile, Banchile Corredores de Seguros S.A., LQ Inversiones Financieras S.A., Sociedad Matriz SAAM S.A., Nexans, Hapag Lloyd and Invexans Limited. He is also chairman of the board of Compañía Sud Americana de Vapores S.A., Empresa Nacional de Energía Enex S.A., Invexans S.A. and Tech Pack S.A., and the vice-chairman of the Purchaser. He received a degree in Business Administration from the Pontificia Universidad Católica de Chile and a Master’s degree in Business Administration from the University of Chicago.

Pablo Granifo Lavín has served as director of Compañía Cervecerías Unidas S.A. since April 2013. He has been the chairman of the board of Banco de Chile S.A. since 2007 and chairman of the board of Viña San Pedro Tarapacá S.A. since 2013. He is a member of the board of Quiñenco, the Purchaser, CCCL and Embotelladoras Chilenas Unidas S.A. Additionally, he is chairman of the boards of Banchile Asesoría Financiera S.A., Socofin S.A., and Banchile Administradora General de Fondos S.A.,and member of the executive committee of Banchile Corredores de Seguros Limitada and of the board of Empresa Nacional de Energía Enex S.A. Mr. Granifo holds a degree in Business Administration from the Pontificia Universidad Católica de Chile.

Rodrigo Hinzpeter Kirberg has served as director of Compañía Cervecerías Unidas S.A. since July 2015. He is also member of the board of CCCL, Embotelladoras Chilenas Unidas S.A., Compañía Cervercerías Unidas Argentina S.A. and the Purchaser. Since 2014 he has been the general counsel of Quiñenco. Before that he was Secretary of

Interior Affairs (2010-2012) and, later, the Secretary of Defense of the Government of Chile (2012-2014). He holds a Law degree from the Pontificia Universidad Católica de Chile.

José Miguel Barros was appointed director of Compañía Cervecerías Unidas S.A. in April 2016. He is member of the board of various subsidiaries, including CCCL, Embotelladoras Chilenas Unidas S.A., Viña San Pedro Tarapacá S.A. and Compañía Pisquera de Chile S.A. He is an international director and partner of the investment bank LarraínVial S.A. and currently a member of the board of Directors of Lipigas S.A., Construmart S.A and Stel Chile S.A. Mr. Barros holds a degree in Business Administration from the Pontificia Universidad Católica de Chile and graduated from the PADE of ESE Business School, Universidad de Los Andes.

Carlos Molina Solís has served as director of Compañía Cervecerías Unidas S.A since April 2012 and as vice- chairman of the board since May 2018. He is also a member of the board of directors of the Purchaser, serving as chairman, CCCL, Embotelladoras Chilenas Unidas S.A., Compañía Cervecerías Unidas Argentina S.A., Viña San Pedro Tarapacá S.A., and Compañía Pisquera de Chile S.A., and chief executive officer of Corporación Dinámica Industrial, S.A. in Mexico. He has over 30 years of management and strategic consulting experience in multiple industries, especially in beverages and consumer goods across the Americas. In beverages, his roles have included business development for Heineken Americas; planning and strategy for Femsa Cerveza; and board member of Kaiser in Brazil. Prior to these roles, Mr. Molina was a partner in Booz, Allen & Hamilton, a global business consulting firm. Mr. Molina has a BBA (Bachelor of Business Administration) from the University of Houston, and an MBA from the University of Texas.

Marc Gross has served as director of Compañía Cervecerías Unidas S.A. since May 2020. He is also a member of the board of directors of the Purchaser, CCCL, Embotelladoras Chilenas Unidas S.A. and Compañía Cervecerías Unidas Argentina S.A. Mr. Gross has worked for Danone Group and Sara Lee. In 1995, Mr. Gross joined Heineken and worked in Greece as Plant Director. In 1999, he became regional operations & supply chain director Europe for Heineken and in 2002 took over the position of managing director of Heineken Nederland. In June 2005, he was appointed chief supply chain officer and member of the Global Executive Team. In this position, he was responsible for the supply chain, including manufacturing, worldwide as well as for R&D. During the period of 2010 until 2015, he held the position of chief executive officer of Empaque Mexico. From 2012 until 2017, he also served as non-executive director of Keonys, a high-tech company in France. Since June 2020, Mr. Gross is principal advisor to the Executive Board of Directors of SHV for their global operations. Mr. Gross graduated as engineer from Ecole Nationale Supérieure des Arts et Métiers Paris, France and from Technical University Aachen, Germany.

Rory Cullinan has served as director of Compañía Cervecerías Unidas S.A. since May 2018. He is also a member of the board of directors of the Purchaser, CCCL, Embotelladoras Chilenas Unidas S.A. and Compañía Cervecerías Unidas Argentina S.A. Mr. Cullinan has wide experience across different markets and sectors, working in Europe, Africa, America and Russia. Mr. Cullinan held various positions in the Royal Bank of Scotland, including as executive chairman of the Investment Bank. He is currently non-executive director at Broadstone Inc., a listed SPAC and advisor to several companies.

The following tables set forth the Share ownership by the Company’s directors and senior management as of the date hereof:

⁽¹⁾ Stock owned indirectly through his ownership of 82% of Vittorio Corbo y Asociados Limitada.

⁽²⁾ Stock owned indirectly through Inversiones Carpe Vitam Limitada.

^(*) Mr. Andrónico Luksic Craig is a member of the Luksic family, which controls Quiñenco, the owner of 50% of the equity interests in IRSA. IRSA currently owns approximately 61.56% of CCU's outstanding shares, directly and indirectly through its subsidiary Inversiones IRSA Limitada.

.

As of March 31, 2021, based on the information provided in the Purchaser’s Offer to Purchase, the following Purchaser directors and executive officers beneficially owned an aggregate 17,091 shares of the Company’s common stock, as set forth in the following tables:

Per the shareholders meetings held on April 15, 2020 and April 14, 2021, the compensation of the Company’s directors was set as follows for the years ended December 31, 2020 and 2021, respectively:

Additionally, directors that are members of the directors committee receive a monthly gross remuneration of UF 50 for attendance to directors’ committee meetings, independent of the number of meetings held in such period, plus the amount that, as the percentage of the dividends, is required to complete one third of the total remuneration a director is entitled to, pursuant to article 50 bis of Law No. 18,046 and Regulation No. 1,956 of the “Comisión para el Mercado Financiero” (“CMF”). Directors that are members and observers of the audit committee receive a monthly gross remuneration for attendance to audit committee meetings, regardless of the number of meetings held in the period, of UF 50.

The remunerations of directors and senior managers of the Company are as follows:

Directors’ remunerations:

(*) Includes payments of attendance meetings fee and dividend participation accrued in 2019.

Senior management’ remunerations:

The remuneration of the Company’s senior management registered at the CMF for the year ended December 31, 2020 amounted to ThCh$6,701,955 (ThCh$7,993,975 in 2019 and ThCh$7,308,365 in 2018). The Company grants annual bonuses to senior management, which have an optional, discretional and variable nature, not contractual and assigned according to compliance of individual and corporate goals and based on the incomes of the year.

Related Party Transactions

The Purchaser and certain of its affiliates, including members of the Luksic family and their affiliated entities (the “Luksic Group”) and Heineken International B.V. (“Heineken”) and its affiliates, who are the beneficial owners of the Purchaser, engage in a variety of transactions with the Company in the ordinary course of business, as described further below.

On November 30, 2005, CCCL, a subsidiary of the Company, and Heineken Brouwerijen B.V., an affiliate of Heineken, amended their License and Technical Assistance Agreements, which provide CCCL with the exclusive rights to produce, sell and distribute Heineken beer in Chile and Argentina commencing on June 18, 2003. These agreements have an initial term of 10 years beginning in June 2003, renewable for subsequent periods of five years.

On October 12, 2011, CCCL and Heineken Brouwerijen B.V. signed the Amended and Restated versions of their Trademark License Agreements which provide CCCL with the exclusive rights to produce, sell and distribute Heineken beer in Chile and Argentina, in force as of January 1, 2011. These agreements have an initial term of 10 years, and automatically renew on January 1 of each year for a new period of ten years, unless any party gives notice of its decision not to renew, in which case the agreements will be in force until the last renewal period expires.

On September 28, 2012, Compañía Industrial Cervecera S.A. (“CICSA”), a subsidiary of the Company, and Amstel Brouwerijen B.V., an affiliate of Heineken, signed a Trademark License Agreement, which provides CICSA with the exclusive rights to produce, sell and distribute Amstel beer in Argentina, effective as of August 1, 2012. This agreement has an initial term of ten years, and automatically renews on January 1 of each year for a new period of ten years, unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

On June 4, 2013, CICSA, Milotur S.A., a subsidiary of the Company, and Heineken Brouwerijen B.V. entered into a Trademark License Agreement, which provides Milotur S.A. with the exclusive rights to produce, sell and distribute

Heineken beer in Uruguay, in force as of May 1, 2013. This agreement has an initial term of ten years, and automatically renews on January 1 of each year for a new period of ten years, unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

On November 10, 2014, Central Cervecera de Colombia S.A.S., a joint venture of the Company, and Heineken Brouwerijen B.V. signed a Trademark License Agreement providing the exclusive rights to import, produce, sell and distribute Heineken beer in Colombia. This agreement has an initial term of thirteen years as of March 1, 2015, and will each year thereafter, January 1, be automatically renewed for subsequent five-year periods unless, starting in 2029, any party gives notice of its decision not to renew, in which case the agreement will be in force until the expiration of the latest renewal period. This agreement was amended on March 29, 2019 to include Zona Franca Central Cervecera S.A.S., a joint venture of the Company, as brewer for the production of Heineken in Colombia.  

On July 15, 2015, CICSA, Bebidas Bolivianas BBO S.A., a joint venture of the Company, and Heineken Brouwerijen B.V. signed an Ancillary Trademark License Agreement, providing the exclusive rights to produce, sell and distribute Heineken beer in Bolivia, in force as of January 1, 2015. This agreement has an initial term of ten years, and will be automatically renewed for a five-year period unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

Additionally, a Technical Assistance Agreement was executed with Heineken Technical Services B.V. (currently Heineken Supply Chain B.V.), an affiliate of Heineken, on May 4, 2005, whereby the latter was appointed, on a non-exclusive basis, as our technical advisor in respect of operational aspects of the Company’s breweries, including special services regarding project engineering for extensions of the breweries’ capacity and construction of new plants, assistance in development of new products, production methods and distribution systems as well as advice on purchasing systems, among others. This agreement has an initial term of one year from May 4, 2005, renewable for subsequent periods of one year each, unless either party gives at least three months’ prior written notice to the other of its intention to terminate the agreement. This agreement has been renewed automatically each year.

In January 28, 2015, a Trademark License Agreement was executed between CCCL and Heineken Brouwerijen B.V. to produce, sell and distribute beer under the brand name Sol in Chile. The agreement contemplates a ten-year term as of July 1, 2014, and shall each year, on July 1, be automatically renewed for a new period of ten years, unless any party gives notice in writing of its decision not to renew.

On March 23, 2015, CICSA and Heineken Brouwerijen B.V. signed a Trademark License Agreement, which provides the Company with the exclusive rights to produce, sell and distribute Sol beer in Argentina, effective as of March 1, 2015. This agreement has an initial term of ten years, and will be automatically renewed, on January 1 of each year, for a ten-year period unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

In 2015, the Company revised and amended the 2014 amended and restated Framework Agreement entered with Banco de Chile, a subsidiary of Quiñenco, which was in effect as of May 1, 2003, for the rendering of banking services to the Company and certain of its subsidiaries and affiliates, including, among others, payment to suppliers and shareholders, cashier service, transportation of valuables and payment of salaries.

On April 4, 2016, Central Cervecera de Colombia S.A.S., a joint venture of the Company, and Heineken Brouwerijen B.V. signed a Trademark License Agreement providing the exclusive rights to import, produce, sell and distribute Tecate beer in Colombia. This agreement came into force on April 1, 2016, will continue to be in force until February 28, 2028, and each year thereafter, on January 1, will be automatically renewed for subsequent five-year periods unless, starting in 2029, any party gives notice of its decision not to renew, in which case the agreement will be in force until the expiration of the latest renewal period. This agreement was amended on March 29, 2019, to include Zona Franca Central Cervecera S.A.S. as brewer for the production of Tecate in Colombia.

On September 27, 2017, Central Cervecera de Colombia S.A.S. and Heineken Brouwerijen B.V. signed a Trademark License Agreement which provides the Company with the exclusive rights to import, produce, sell and distribute Sol beer in Colombia. This agreement came into force on July 1, 2017, will continue to be in force until February 28, 2028, and shall each year thereafter, on January 1, be automatically renewed for subsequent five-year periods unless, starting

in 2029, any party gives notice of its decision not to renew, in which case the agreement will be in force until the expiration of the latest renewal period.

In January 2018, Bebidas del Paraguay S.A., a subsidiary of the Company, and Heineken Brouwerijen B.V. entered into a Distribution Agreement, which provides us with the exclusive rights to distribute Sol beer in Paraguay, effective as of December 1, 2017. This agreement has an initial term of five years, and will be automatically renewed for subsequent three-year periods, unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the expiration of the first period or the respective subsequent period.

On April 20, 2018, Bebidas del Paraguay S.A. and Heineken Brouwerijen B.V. signed a Trademark License Agreement and a Distribution Agreement, which provide Bebidas del Paraguay S.A. with the exclusive rights to produce, sell and distribute Heineken beer in Paraguay. These agreements have an initial term of five years from May 1, 2018, and will be automatically renewed for subsequent three-year periods unless any party gives notice of its decision not to renew. Therefore, and as agreed on June 11, 2018, the Trademark License Agreement entered on November 28, 2012, by CICSA and Heineken Brouwerijen B.V., which provided CICSA with the exclusive rights to produce, sell and distribute Heineken beer in Paraguay, was terminated with retroactive effects as of April 30, 2018 and, in its place, Heineken Brouwerijen B.V. and CICSA entered into a Supply Agreement, which provides CICSA the non-exclusive right to sell and supply Heineken Lager in the Paraguayan market to Bebidas del Paraguay S.A. for a period of five years beginning on April 30, 2018.

On November 13, 2018, CCCL and Heineken Brouwerijen B.V. signed an Amendment Agreement to the Amended and Restated Trademark License Agreement dated October 12, 2011, in order to include, as of January 1, 2018, the trademark “Heineken 0.0” to the trademarks the Company has the exclusive rights to produce, sell and distribute in Chile.

On November 1, 2019, Bebidas del Paraguay S.A. and Amstel Brouwerijen B.V. signed a Distribution Agreement which provides the Company with the exclusive rights to distribute Amstel beer in Paraguay, effective as of October 1, 2019. This agreement has an initial term of five years, and will automatically renew for subsequent three-year periods, unless any party gives notice of its decision not to renew, in which case the agreement will be in force until expiration of the first period or the respective subsequent period.

Below are the details of the accounts receivable and payable between the Company and its related parties as of December 31, 2020 and 2019:

Accounts Receivable - Current: 

Accounts Receivable - Non-Current:

Accounts Payable – Current:

Conditions of the balances and transactions with related parties:

For the years ended December 31, 2020 and 2019, the most significant transactions between the Company and its related parties were as follows:

For the years ended December 31, 2019 and 2018, the most significant transactions between the Company and its related parties were as follows:

ITEM 4. THE SOLICITATION OR RECOMMENDATION.

(a) Solicitation/Recommendation

Based upon a determination by the directors of the Company, the board of directors of the Company is expressing no opinion and is remaining neutral with respect to the Purchaser’s Offer, for the reasons described in clause (b) below.

Each shareholder must make its own decision as to whether to tender its Shares or ADSs and, if so, how many Shares or ADSs to tender.

(b) Reasons

As noted above, certain of the Company’s directors are affiliates of the Purchaser, hold interests in the Purchaser and/or the Company, and serve as directors of the Purchaser, and accordingly have personal interests in the Offer and its consequences.

The directors determined that the board of directors of the Company will express no opinion and will remain neutral with respect to the Offer, because the Company has not participated in, and takes no responsibility for, the Purchaser’s Offer.

Each holder of the Company’s Shares or ADSs and his, her or its financial advisor are in a better position to decide whether tendering or refraining from tendering would meet the investment objectives of such shareholder.

(c) Intent to Tender

To the Company’s knowledge, after reasonable inquiry, its senior management, directors, affiliates and subsidiaries who currently own Shares or ADSs do not intend to tender any of the Shares or ADSs which are held of record or beneficially owned by such persons pursuant to the Offer.

ITEM 5. PERSON/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED.

Neither the Company nor any person acting on its behalf has, directly or indirectly, employed, retained or compensated any other person to make solicitations or recommendations to shareholders on its behalf concerning the Offer.

ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.

During the past sixty (60) days, no transactions in the Shares or ADSs have been effected by the Company or, to the Company’s knowledge, after reasonable inquiry, by any member of senior management, director, affiliate or subsidiary of the Company.

ITEM 7. PURPOSE OF THE TRANSACTION AND PLANS OR PROPOSALS.

Subject Company Negotiations

Except as set forth in this Statement, no negotiation is being undertaken or is underway by the Company in response to the Offer which relates to or would result in (i) a tender offer for or other acquisition of the Company’s securities by the Company, any of its subsidiaries or any other person; (ii) an extraordinary transaction, such as a merger, reorganization or liquidation, involving the Company or any subsidiary thereof; (iii) a purchase, sale or transfer of a material amount of assets by the Company or any subsidiary thereof; or (iv) any material change in the present capitalization, indebtedness or dividend rate or policy of the Company.

Transactions and other Matters

Except as set forth in this Statement, there are no transactions, board resolutions, agreements in principle or signed contracts entered into by the Company in response to the Offer that relate to or would result in one or more of the events referred to in the first paragraph of this Item 7.

ITEM 8. ADDITIONAL INFORMATION.

Not applicable.

ITEM 9. EXHIBITS.

Exhibit (a)(1) Offer to Purchase, dated May 19, 2021 (incorporated by reference to Exhibit (a)(1)(A) to the Schedule TO of Purchaser filed on May 19, 2021)

Exhibit (a)(2) Form of Chilean Share Acceptance (incorporated by reference to Exhibit (a)(1)(B) to the Schedule TO of Purchaser filed on May 19, 2021)

Exhibit (a)(3) Form of U.S. Share Acceptance (incorporated by reference to Exhibit (a)(1)(C) to the Schedule TO of Purchaser filed on May 19, 2021)

Exhibit (a)(4) Form of ADS Letter of Transmittal (incorporated by reference to Exhibit (a)(1)(D) to the Schedule TO of Purchaser filed on May 19, 2021)

Exhibit (a)(5) English translation of Aviso de Inicio (Commencement Notice) (incorporated by reference to Exhibit (a)(1)(I) to the Schedule TO of Purchaser filed on May 19, 2021)

SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: June 3, 2021