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 SÃ¼d, 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 SÃ¼d 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 SÃ¼d 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.