German shipping line Hapag-Lloyd and Chilean carrier CSAV have recently received approval from Mexico to go ahead with its shipping merger, leaving China and Ukraine as the two remaining countries to give the container lines the green light.
The Journal of Commerce reported Hapag-Lloyd CEO Rolf Habben Jansen as saying that his company expects the merger to be completed in the second half of November 2014.
The deal between Hapag-Lloyd and CSAV has already acquired acceptance from European and US regulators, with Brazil being the most recent country to give its approval to both container lines after Mexico.
A binding agreement was signed by both carriers in 2013 to merge their businesses.
The combined company would receive around an estimated US$12 billion in revenue annually and operate 200 vessels with a total annual volume of 7.5 million TEU.
Both Hapag-Lloyd and CSAV incurred losses in Q3 of 2014, however, CSAV saw a 24.2% improvement in its losses compared to Q3 of 2013.
Hapag-Lloyd-CSAV merger authorised. (Source: Eldinamo)
