Hapag Lloyd CSAV Merger News
The merger, once fully approved, will create the world’s fourth largest container shipping company
Hapag-Lloyd and CSAV said Thursday that their plan to merger their container businesses has been approved under European Union merger regulations.
Both carriers signed a binding business combination agreement in April.
The European Commission’s approval of the merger is the result of a consultation process which both companies are carrying out with regulatory authorities worldwide.
The carriers said approvals are still pending in a few other jurisdictions. They noted at the beginning of August, the U.S. Justice Department cleared the planned transaction.
The transaction will make Hapag-Lloyd the fourth largest container shipping company in the world, with some 200 vessels, an annual transport volume of 7.5 million TEUs, and a combined turnover of about 9 billion euros ($11.6 billion).