Maersk Line’s acquisition of German liner Hamburg Süd has taken another step forward after the two parties signed a Sale and Purchase Agreement yesterday (March 14, 2017).
The sale of Hamburg Süd's ownership and main business assets, including vessels and containers, to Copenhagen-based Maersk Line is still pending until its been checked for legitimacy on antitrust grounds by EU antitrust regulators at the end of the month.
It would give the 2M network, which includes Mediterranean Shipping Company (MSC), additional vessels to combat new rivals Ocean Alliance and THE Alliance, which launch on April 1, 2017.
On December 1, 2016 Dr. August Oetker KG, owner of Hamburg Süd, announced that it would divest from its shipping interests after 80 years of operations.
Dr. August Oetker KG said in a statement: “We are pleased to inform that, today, the parties have signed a Sale and Purchase Agreement which in the coming weeks will be reviewed and authorized by the respective Supervisory Boards and Shareholder Assemblies between end of April / mid May. Subject to the approval by the competent regulatory bodies the Closing may take place at the end of this year.”