enarhyazzh-CNzh-TWcsdanlettlfifrkadeelhihuisiditjakolvmsnofaplptruskslessvthtrukviyi

.........-----

translate arrow

freightHub2020 BannerSMALL

COPENHAGEN: April 28, 2017. Maersk Line is to go ahead with the purchase of Hamburg Süd for €3.7 billion in cash following Board approval by both companies.

Hamburg Sud Buenos AiresOn March 23 this year the U.S. Department of Justice gave the companies a green light and this was followed by the European Commission on April 10, who added a caveat that Hamburg Süd must withdraw from five consortia linking various points in Northern Europe, Central and South America and the Middle East.

The acquisition is expected to close by the end of the year at which time the combined companies will operate 743 box ships with a total capacity of around 3.9 million TEU and an 18.7 percent global capacity share.

Hamburg Süd will maintain its own structure, head office in Hamburg and separate brand. Maersk said combined cost savings would be US$350-400 million annually in 2018 and 2019 with an increased number of weekly sailings, faster transit times, more port calls, more direct port-to-port calls and less need for transshipments.

"By keeping Hamburg Süd as a separate and well-run company, we will limit the transaction and integration risks and costs while still extracting the operational synergies," said Maersk Line and A.P. Moller – Maersk CEO Søren Skou.

"Hamburg Süd has a strong brand and an attractive customer value proposition. We believe these elements are key for our acquisition to become a success. Therefore [it] will remain under own management and with full brand responsibility," he added.

Ottmar Gast, Hamburg Süd Executive Board chairman commented: "We see the acquisition as a natural development and we are convinced that Hamburg Süd will thrive under continued own management and maintain not only the services offered to its customers, but also provide its employees a fantastic opportunity to continue shaping the future of the industry as a leading service provider."

freightHub2020 BannerSMALL

 

- powered by Quickchilli.com -