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CSAV and Hapag-Lloyd box line merger one step closer

Just 2.7% of Compañía Sud Americana de Vapores (CSAV) shareholders exercised their appraisal right in the merger of its container shipping business with Hapag-Lloyd.

Michele Labrut, Americas Correspondent

April 22, 2014

1 Min Read
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This falls below the 5% maximum set at shareholders meeting on 21 March. CSAV reported that the payment to the 2.7% of shareholders who exercised the appraisal right would be on May 2nd.

The binding agreement signed by CSAV and Hapag-Lloyd on 16 April is now subject to the approval of the Senate of Hamburg, which is expected before the end of the month.

In parallel, both companies must begin a consulting process of regulatory approvals. “This is another step on the road to materialise this transaction, which we are confident will have huge benefits for our company and our investors,” said CSAV ceo Oscar Hasbun.

About the Author

Michele Labrut

Americas Correspondent

Michèle Labrut is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America.

Michèle first came to Panama as a press attaché to the French Embassy and then returned to the isthmus as a foreign correspondent in the 1980s.

Author of Seatrade Maritime's annual Panama Maritime Review magazine and of several books, Michèle also wrote for Time magazine, The Miami Herald, NBC News and the Economist Intelligence Unit. She has also collaborated in making several documentaries for the BBC and European and U.S. television networks.

Michèle's profession necessitates a profound knowledge of the country, but her acumen is not from necessity alone, but a genuine passion for Panama.

In 2012 she was awarded the Order of Merit (Knight grade) by the French Government for her services to international journalism and in 2021 the upgrade to Chevalier grade.

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