Hapag-Lloyd and CSAV Merger One Step Closer
Brazil’s Administrative Council for Economic Defence (CADE) has given an unconditional clearance to the proposed merger of the container shipping activities of Compañía Sud Americana de Vapores (CSAV) into Hapag-Lloyd.
The German and the Chilean shipping company signed a binding business combination agreement in April 2014. Its implementation is subject to the approval of regulatory authorities. Among others, the Department of Justice of the United States, the European Union (EU) and Chile have already cleared the planned transaction. Approvals of a few jurisdictions are still pending.
The transaction will make Hapag-Lloyd 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 around EUR 9 billion (USD 11.3bn).