Sud Americana de Vapores SA (CSAV) shareholders, who own 84.5 percent of the company’s stock, voted in favour of the proposed CSAV Hapag-Lloyd merger deal, CSAV chief executive officer Oscar Hasbun announced on Monday in Valparaiso, Chile.
The deal will see CSAV exchange its entire container shipping assets for a 30 percent stake in the Hamburg-based company. That percentage may increase to 34 percent via a US$500 million capital increase in which CSAV has pledged US$350 million, noted Hasbun.
“Maersk is one of the few container shipping companies in the world that has posted profits and it does that by economies of scale,” Hasbun commented. “We want to reach Maersk’s level of profitability and efficiency.” The combined company will reap annual savings of about $300 million, expand its customer base and reach more trade routes, Hasbun said. CSAV expects to sign a binding agreement in the next 30 to 40 days and close the deal by the end of 2014.
CSAV shareholders give green light to Hapag-Lloyd deal
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