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Hapag-Lloyd and CSAV sign MOU to merge container units

Posted by Eckhard Garbers DIPL-KFM, ACIS, TEP in Industry news on 23rd January 2014

Hapag-Lloyd and Compañía Sud Americana de Vapores SA have signed a memorandum of understanding to merge their container shipping businesses and said that the talks between them “are going into a new phase”. The merger would form the world’s fourth largest container shipping company, after CMA CGM, in a deal that includes mention of Hapag-Lloyd launching an initial public offering within a year of closing the merger, according to a regulatory filing by CSAV. The MOU is nonbinding, but Hapag-Lloyd said in a statement that as a next step due diligence will take place, followed by a binding contract. The merger agreement doesn’t apply to solid bulk, of liquid bulk, or non-containerized reefer and car carrier assets of CSAV.

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