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Hamburg Süd signs agreement to buy CCNI's container shipping business

Hamburg Süd signs agreement to buy CCNI's container shipping business
Hamburg Süd has signed a sale and purchase agreement to acquire the container liner activities of Compañía Chilena de Navegación Interoceánica (CCNI).

The deal includes the related general agency functions of Agunsa Agencias Universales (Agunsa), with headquarters in Valparaiso and Santiago de Chile.

The takeover of the CCNI / Agunsa business is, subject to approval by anti-trust authorities, scheduled to become effective at the end of March 2015, Hamburg Süd said in a statement.

Hamburg Süd will operate the CCNI container liner business under this well established brand name in the main trades between the West Coast of South America, Asia, Europe and North America respectively

José Luis Chanes, CCNI general manager, reported to Chile’s Superintendence of Securities and Insurance (SVS), that the sale could take place next 17 March as long as the National Economic Prosecutor (FNE) approves the transaction.

In its submission to the regulator the company added that "with this sale the conditions are met to terminate the Brokerage Services Agreement dated March 10, 1997, signed by CCNI and Agencies Universal SA (AGUNSA), which will be implemented on the same date of the transfer of CCNI to Hamburg Sud”.

CCNI will discontinue their container liner services and will only be using the CCNI name for the Car Carrier activities which they will retain. Agunsa will continue representing other shipping lines as agent and will also further develop its port and logistics services business in South America.