On Wednesday 16th of April Hapag-Lyoyd PLC and Compañía Sud Americana de Vapores (CSAV) signed a Business Combination agreement and thereby completing a binding agreement on the merger of CSAV and Hapag-Lyoyd, reports the German website, Fruchthandel.de. Subject to regulatory and competition authorities CSAV will be subsumed into Hapag-Lloyd.
The headquarters will continue to be in Hamburg according to official reports. Above all Hapag-Lyod will gain a strong regional centre in Chile for business in Latin-America. Thanks to the merger Hapag-Lloyd will become one of the four biggest shipping company in the world with around 200 ships with a total transport capacity of approx. one million TEU, a yearly freight capacity of more than seven million TEU and a turnover of nine billion Euro.
"I am very pleased the we managed to complete this partnership. This day is an important milestone in the history of Hapag-Lloyd," said Michael Behrendt, Chairman of Hapag-Lloyd, after the signing of the agreement.