Image: Hapag Lloyd
Update: Hapag Lloyd and CSAV Complete Merger
FRANKFURT, Dec 2 (Reuters) – Germany’s Hapag-Lloyd said on Tuesday it had received the last outstanding regulatory approvals for its planned merger with Chilean shipper Compania SudAmericana de Vapores, clearing the way for the two companies to be formally combined.
The merger, which will create the world’s No. 4 container-shipping company, is important for the shipping industry which hopes that consolidation will ease the pressure on freight rates, helping it to overcome the worst slump on record.
Hapag-Lloyd said it would execute a planned capital increase worth 370 million euros ($459 million) by Dec. 31, which will make Vapores its biggest shareholders with a 34 percent stake.
The main steps to integrate the two companies should be completed by the end of the second quarter 2015, it said.
($1 = 0.8059 euros) (Reporting by Maria Sheahan; Editing by Ludwig Burger)
(c) 2014 Thomson Reuters, All Rights Reserved
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
AP Moller-Maersk A/S shares slumped after a guidance upgrade and third-quarter earnings from the world’s second-largest shipping line fell short of analyst estimates.
(Bloomberg) — Cosco Shipping Holdings Co. earnings jumped the most in two years as persistent geopolitical disruptions rerouted trade routes, tying up more of its vessels for longer while container...
The ports of Los Angeles and Long Beach both set all-time monthly cargo records in September, handling a combined 2.04 million twenty-foot equivalent units (TEUs) as strong imports and shifting...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
