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US authorities approve merger of CSAV and Hapag-Lloyd

US authorities approve merger of CSAV and Hapag-Lloyd
The Department of Justice and the Federal Trade Commission of the United States have granted clearance to the merger of the container shipping business of Chilean Compañía Sud Americana de Vapores (CSAV) and Hamburg-based Hapag-Lloyd.

This is part of the consultation process to regulatory authorities that both companies are carrying out in order to merge their container businesses.

The owners of Hapag-Lloyd are the City of Hamburg (36.9%), Kühne Maritime (28.2%), TUI (22%), Signal Iduna (5.3%), HSH Nordbank (2.9%), an investor pool led by M.M.Warburg & CO (2.9%) and HanseMerkur (1.8%).  Quiñenco, the Luksic family’s holding, became part of the ownership of CSAV in 2011 and, after a several capital increases, the group became the legal comptroller of the company, currently with 50.9% of the ownership.

CSAV and Hapag-Lloyd signed last April a binding agreement, whose materialisation is subject to the approval of regulatory authorities around the world.

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