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Hapag-Lloyd and CSAV deal could land in January

Hapag-Lloyd and CSAV deal could land in January
Hapag-Lloyd and Compania Sud Americana de Vapores (CSAV) could be on the verge of signing a merger agreement in the next few weeks.

Discussions over a possible merger or other form of association were announced in December last year, and a report today from Die Welt suggests a deal could be struck by the end of the month.

While earlier this weekend the Wall Street Journal (WSJ) pinned a principal agreement to within the next three months with diligence to follow, the German paper quoted a Hapag-Lloyd manager as saying they want a deal before the end of January.

The current deal on the table is for a 70/30 split, with CSAV taking a 30% stake in the resultant company, but according to a WSJ source some Hapag-Lloyd shareholders are pushing for 73%.

It also remains uncertain whether the Chileans' 54 vessels will be part of the deal, or just leased to Hapag-Lloyd. If an agreement is reached, the merged entity will be the fourth largest container line in the world.

Hapag-Lloyd has a history of unsuccessful merger talks, with parties including Neptune Orient Lines and, most recently, Hamburg Süd.