Talks of a merger between Germany’s largest container shipping companies have been suspended because terms of a deal could not be reached.
Oetker Group, which owns Hamburg Süd, asked for the merger talks that began in December be suspended after the parties were unable to agree on the terms of a merger, Hapag-Lloyd said in a statement on Sunday.
Hamburg Süd on Monday confirmed that the talks have stalled temporarily but said that its Advisory Board and Executive Board hold the view that the merger of Hapag-Lloyd and Hamburg Süd would be of enormous benefit for both companies as well as for Hamburg as a shipping location.
Earlier this month, Hapag-Lloyd co-owner Klaus-Michael Kuehne said that if the merger were to happen it would have be a merger of equals. If no agreement with Oetker could be reached, Kuehne would push for Hapag-Lloyd to go public on its own.