Cargo Business Newswire

Wednesday, April 23, 2014

Top Story

Hapag-Lloyd and CSAV close to signing merger deal

A majority of shareholders in Chile's Compania SudAmericana de Vapores are supporting the shipping line's merger with Germany's Hapag-Lloyd, in a deal that would create the world's fourth largest container line.

The Chilean company announced on Monday that dissident shareholders exercised withdrawal rights on only 2.7 percent of total shares, meaning that the deal is a go. The agreement was conditional on no more than 5 percent of CSAV's total shareholders exercising withdrawal rights by April 20.

"This is another step in the road to completing this transaction, which we're sure will be enormously beneficial for our company and our investors," said CSAC chief executive Oscar Hasbun.

The next step toward the merger process involves receiving regulatory approval, plus the approval of the City of Hamburg's Senate.

For more of the Reuters story: reuters.com