Hapag-Lloyd and Hamburg Süd in preliminary discussions over possible merger
Germany’s two largest ocean carriers, Hapag-Lloyd and Hamburg Süd, have announced that they are in preliminary talks over a possible merger.
In a joint statement, the shipping companies said that their executive boards were investigating if, and under what conditions, a merger of both companies would be of interest.
The joining of the two companies would see the creation of the world’s fourth largest shipping line with combined revenues of over US$13 billion and over 250 vessels at its disposal.
Speaking to the German media in September, Hapag-Lloyd shareholder Klaus-Michael Kuehne said that would more than welcome the merger.
“We're going into this deal with optimism. This is only starting now, a closing is not foreseeable,” a source close to the owners of Hapag-Lloyd told Reuters.
Hapag Lloyd stands alone as the world’s fifth-largest shipping line, and is jointly owned by the City of Hamburg, Swiss-based Kuehne and German group TUI AG, holding stakes of 37 percent, 28 percent and 22 percent respectively.
Hapag-Lloyd and Hamburg Süd have come close to agreeing a merger in the past, however the two companies pulled out after being unable to agree on terms that suited both parties.
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