Monday, September 15, 2014
EU Commission approves Hapag-Lloyd-CSAV merger with conditions
As predicted in Tuesday’s Reuters story, European Union regulators conditionally sanctioned the merger of Germany’s Hapag-Lloyd and Chile’s CSAV, which will form the fourth largest container shipping line in the world.
The EU's executive Commission said Thursday the merger can go ahead provided CSAV withdraws from two consortia on the trade between Northern Europe and the Caribbean and South America's West Coast to avoid creating a dominant market position that could raise freight rates.
The combined companies will feature 200 vessels and an annual turnover of $13.50 billion. CSAV will receive a 30 percent stake, and other core shareholders will include Kuehne Maritime and the port city of Hamburg, Germany.
For more of the Daily Telegraph story: www.dailytelegraph.com.au
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