Maersk closes the Hamburg Süd deal on Thursday

Maersk closes the Hamburg Süd deal on Thursday

28-11-2017 11:00:00

South Korea was today the last country to accept, and A.P. Møller - Maersk´s purchase of Hamburg Süd has thereby been finalized. The 4,3 billion-dollar deal was announced in December last year, and Maersk expects it to be official on Thursday.

With South Korea and Columbia’s approval, Maersk has the 23 approvals they need to take over possession of Hamburg Süd.
”The legal process of the paperwork is still looking good. Vi are expecting the transaction to be finalized the 30 of November,” Maersk has written in an email to Maritime Denmark.

In the same manner as the approvals from the other countries, South Korea had terms and conditions if they were to sign. Maersk Line has therefore agreed to withdraw Hamburg Süd from a vessel sharing agreement on the route between the Far East and Central America / Caribbean. Maersk also agreed to refrain from extending an agreement between the Far East and South America's west coast, the shipping organization has written in the email.

Hamburg Süd will continue to sail these routes until the deal is official, which is expected to be on Thursday this week.

Maersk Line’s expects to reap synergies with the integration of Hamburg Süd between 300 and 400 million Dollars annually, starting in 2019.

Source: A.P. Møller - Maersk

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