Hapag-Lloyd and CSAV sign MoU

Under the terms of the agreement CSAV would become the largest shareholder in Hapag-Lloyd with a 34% stake. The new company would become the fourth largest container line operator with a combined carrying capacity of about 1m teu, transporting cargoes volumes of nearly 7.5m teu and combined sales of nearly US$12bn a year.

A report in Oceanus.com states that in a CSAV letter dated January 22, 2014 to Chile’s Superintendence of Securities and Insurance and signed by CSAV CEO Oscar Hasbun, “The expected synergies from this business combination would be about US$300m annually.”

Both parties have agreed to improve efficiency and renew their fleet and foresee two capital increases in the combined entity of €700m (US$955m) within the twelve months of the transaction.