Financial News

Hamburg, 11 September 2014

Hapag-Lloyd welcomes EU approval for transaction with CSAV

Approvals in few other jurisdictions are still pending / Transaction will create fourth largest container shipping company in the world

Hapag-Lloyd welcomes the approval under European Union (EU) merger regulations for the planned integration of the container shipping activities of Compañia Sud Americana de Vapores (CSAV) into Hapag-Lloyd.

Hapag-Lloyd and CSAV signed a binding business combination agreement in April. Its implementation is subject to the approval of regulatory authorities. The European Commission's merger approval is the result of a consultation process which both companies are carrying out with regulatory authorities around the world. Approvals in a few other jurisdictions are still pending. At the beginning of August, the Department of Justice of the United States had cleared the planned transaction.

The transaction will create the fourth largest container shipping company in the world, with some 200 vessels, an annual transport volume of 7.5 million TEU and a combined turnover of approx. 9 billion Euro.