CSAV shareholders set to approve Hapag Lloyd merger

CSAV has secured 84.5% of its shareholders’ agreement for the merger of the company’s containership business with Hapag Lloyd. Hapag Lloyd shareholders have yet to approve the merger.

CSAV shareholders who voted against the tie-up or who did not cast their vote will have until April 20 to say if they want to be bought out of the company. If more than 5% of shareholders ask to be bought out, CSAV may call off the deal, said CSAV’s CEO Oscar Hasbun.

If the merger proceeds, CSAV would hold an initial 30% share in Hapag-Lloyd making it the largest shareholder, ahead of the other main shareholders: HGV (City of Hamburg) (26%), Kühne Maritime (20%) and TUI AG (15%). CSAV’s shareholding could increase to 34% in a US$500m capital increase following the merger, in which CSAV has pledged up to U$350m.