European Commission approves CSAV and Hapag-Lloyd merger

Compañía Sud Americana de Vapores (CSAV) and German shipping company Hapag-Lloyd took a new step on September 11 in the process of completing the merger of their container businesses after approval of the transaction by the European Commission.

The approval of the entity was given in the framework of the consultation process by competition authorities around the world that both companies are making and whose approval is a condition to closing the transaction.

The decision of the European Commission joins those of the United States, Turkey, Costa Rica, Ecuador and South Korea.

In April this year the two companies signed a binding agreement to merge their container businesses. The transaction will create the fourth largest container operator worldwide, with about 200 container ships, about one million TEUs, cargo volumes transported of 7.5 million TEUs per year and combined turnover of over $12 billion.

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