Thursday, August 7, 2014
U.S. regulators approve Hapag-Lloyd/CSAV merger
U.S. regulators have sanctioned the merger of Germany's Hapag-Lloyd and Chile's Compania Sud Americana de Vapores, which will form the planet's fourth-largest container carrier by capacity, according to a Hapag-Lloyd spokesman.
"The Department of Justice and the Federal Trade Commission have approved the merger," said Rainer Horn, Hapag-Lloyd's director of public relations, to The Wall Street Journal. "We are still awaiting approvals from a number of other regulatory bodies."
Insiders expect European Commission and Chinese regulators to approve the merger over the next two months. The two companies, which signed a contract in April, have said they expect the merger to be completed by November.
Hapag-Lloyd operates about 150 ships, competing with Maersk and MSC on the Asia-Europe, trans-Atlantic, and trans-Pacific trades. CSAV operates about 50 vessels. Industry officials say the merger would give Hapag-Lloyd more exposure in intra-South American and South America-U.S. markets.
CSAV said the combined company would have a capacity of one million TEUs.
For more of the Wall Street Journal story: online.wsj.com
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