News Content
Hapag-Lloyd to strike deal to buy Vapores in January
German container shipping company Hapag-Lloyd is nearing a deal to buy Chilean shipper Compania Sud Americana de Vapores, a German newspaper reported.
"We want to reach an agreement by the end of January," a Hapag-Lloyd manager told Die Welt, according to a pre-release of its Monday edition.
Vapores, which has a market capitalisation of $845 million, confirmed in December that it had entered merger talks with Hapag-Lloyd, as it is grappling with steep losses caused by low freight rates, high fuel prices and expensive leases.
Under the deal, Vapores will take a 30 percent stake in Hapag-Lloyd, the newspaper reported, adding that it was still unclear whether Vapores' 54 ships will be part of the transaction or whether they will just be leased to the German peer. Hapag-Lloyd has 152 ships on its own.
Hapag-Lloyd declined to comment, while Vapores was not immediately available for comment.
Earlier this year, the owners of unlisted Hapag-Lloyd called off a planned merger with rival German shipper Hamburg-Sued because terms could not be agreed.
At the time, major Hapag-Lloyd shareholder Klaus-Michael Kuehne had said the combination between the German peers was attractive, arguing it made sense to bolt Hapag's Asia focus to Hamburg-Sued's strength on South American routes.
In the newspaper report Kuehne is quoted as saying: "I see good chances of clinching a deal (with Vapores)."
The Luksic family, Chile's richest and Vapores' main shareholder since a $1.2 billion capital increase, is happy to hold a minority stake in the merged group, the paper quoted a person familiar with family.
Source: Reuters (Reporting by Arno Schuetze; additional reporting by Jan Schwartz and Alexandra Ulmer, editing by William Hardy)
"We want to reach an agreement by the end of January," a Hapag-Lloyd manager told Die Welt, according to a pre-release of its Monday edition.
Vapores, which has a market capitalisation of $845 million, confirmed in December that it had entered merger talks with Hapag-Lloyd, as it is grappling with steep losses caused by low freight rates, high fuel prices and expensive leases.
Under the deal, Vapores will take a 30 percent stake in Hapag-Lloyd, the newspaper reported, adding that it was still unclear whether Vapores' 54 ships will be part of the transaction or whether they will just be leased to the German peer. Hapag-Lloyd has 152 ships on its own.
Hapag-Lloyd declined to comment, while Vapores was not immediately available for comment.
Earlier this year, the owners of unlisted Hapag-Lloyd called off a planned merger with rival German shipper Hamburg-Sued because terms could not be agreed.
At the time, major Hapag-Lloyd shareholder Klaus-Michael Kuehne had said the combination between the German peers was attractive, arguing it made sense to bolt Hapag's Asia focus to Hamburg-Sued's strength on South American routes.
In the newspaper report Kuehne is quoted as saying: "I see good chances of clinching a deal (with Vapores)."
The Luksic family, Chile's richest and Vapores' main shareholder since a $1.2 billion capital increase, is happy to hold a minority stake in the merged group, the paper quoted a person familiar with family.
Source: Reuters (Reporting by Arno Schuetze; additional reporting by Jan Schwartz and Alexandra Ulmer, editing by William Hardy)
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
