Maersk Line has obtained the final regulatory approval required to close its €3.7bn (US$4.4bn) acquisition of Hamburg Süd, with the aim of realising operational synergies of US$350-400m from 2019.
The Korea Fair Trade Commission’s approval was the final step cleared in a regulatory approval process involving 23 jurisdictions.
Søren Skou, CEO of A.P. Moller – Maersk, said: “With the final approval of the acquisition we have reached an important milestone in our strategy to become an integrated transport and logistics company delivering sustainable growth.
“Hamburg Süd is an outstanding brand with high quality products. By combining our two businesses we will reinforce the global positions of both companies and enhance our service offers towards customers.”
Upon transfer of ownership, Dr Ottmar Gast will retire as chairman of the executive board of Hamburg Süd to become new chairman of the supervisory board of Hamburg Süd.
Søren Toft, chief operating officer at A.P. Moller – Maersk, will become board member of the supervisory board of Hamburg Süd while Dr. Arnt Vespermann will be the new CEO for Hamburg Süd.
Vespermann stated: “Becoming part of the world’s number one shipping company will create a lot of opportunities. We will strengthen Hamburg Süd in the global playing field and grow our market share together. At the same time, Hamburg Süd will continue serving our customers as a separate brand.”
According to a statement from the Danish carrier, cost synergies will primarily be derived from integrating and optimising the networks as well as standardised procurement.
Together, Maersk Line and Hamburg Süd will have a total container capacity of 4.15m teu and a 19.3% global fleet capacity share according to data from Alphaliner.
A total of 105 Hamburg Süd vessels will be integrated into the fleet of Maersk Line while the combined fleet will include a total of 772 vessels (owned and chartered).