Hapag-Lloyd and CSAV have signed the binding agreement for the fusion of the respective activities of containerized marine transport



Yesterday to Amburgo the shipowning society German Hapag-Lloyd and that Chilean South American Compañía de Vapores (CSAV) has undersigned the binding understanding in order to join the respective activities of containerized marine transport, fusion agreement that the two companies are planning from the end last year and that it is defined in not binding form last January ( on December 5, 2013 and on 23 January 2014).

The understanding, that already it is approved of by all the internal organs of the two societies, previews that the activities of the segment of the transport of line of the CSAV are integrated in those of the German company. In exchange the Chilean society, initially obtaining a participation of 30% of the new entity been born from the fusion, will become one of the main shareholders of the Hapag-Lloyd new beside the HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH, the society of the city administration of Amburgo, and the Kühne Maritime GmbH, society controlled by Klaus Michael Kühne, than respective they stop 36.9% and 28.2% of the current Hapag-Lloyd.

The agreement previews moreover a first increase of capital of 370 million euros to completion of the transaction, that it will happen after the authorization of the authorities for competition and to which CSAV will concur investing 259 million of euro. This will allow with the South American shipowning company to increase own participation in Hapag- Lloyd to 34%. At last according to increase of capital of 370 million euros one will hold in concomitanza with the income in Stock exchange of Hapag-Lloyd through an initial public offer.

The two companies have emphasized that after the fusion the Hapag-Lloyd new will become the fourth greater company of line of the world with a fleet of about 200 container vessels for a total cargo ability pairs to about a million teu, with volumes of cargo transported annual pairs to 7,5 million teu per year and revenues for beyond nine billions of euro. The headquarters of the society will remain in Amburgo, while in Chile there will be regional headquarters that it will supervise to the activities in Latin America.

"I am pleased - the president of Hapag-Lloyd has declared, Michael Behrendt - that we have reached this agreement, through which the two societies is playing an active role in the consolidation of the field of the marine transports of line. This day marks an important stage in the history of the Hapag-Lloyd. The transaction increases to the value of the society and therefore also the value for our shareholders".

"Joining the forces - it has added the CEO of CSAV, Oscar Hasb ún - we are creating a company, greater and more hard total, with meaningful improvement and economies of scale a remarkable of our competitive position. Integration with the CSAV, company leader in Latin America of the transport container, remarkablly strengthens the position of the Hapag-Lloyd in this market that is growing and gives to a strong position in the traffics North-South to the total net of the company and to its consolidated force in the traffics East-West".

According to the forecasts, the fusion of the containerized activities of CSAV and Hapag-Lloyd will determine synergies that savings will allow per year in order at least 300 million dollars. The two companies have evidenced that also the respective pocketbooks orders are complementary: if in the end of this Hapag-Lloyd month it will put in service the last one of the ten ordered ships from 13.200 teu for the Asia-Europe traffics, the CSAV is waiting for to receive seven new ships from 9.300 teu that they are planned specifically for the traffics with South America and that they will be taken in delivery between 2014 and 2015. "This - it has found Hasbún - means that we will have a young and efficient fleet in terms of costs. The employment of optimal tonnage in these traffics - the managing director of the Chilean company has explained - is one of main prerequirement so that the activity has happened in the context of the international competition".