Wednesday , 18 September 2019
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Major Hapag-Lloyd shareholder rejects CMA CGM merger rumours

Hapag-Lloyd major shareholder Klaus-Michael Kühne has quashed rumours of a potential merger with rival CMA CGM, but confirmed the French carrier had been in contact.

Kühne, who along with his companies owns around 25% of Hapag-Lloyd, said a deal would not happen after Reuters reported that CMA CGM had made an exploratory approach.

Speaking to German radio station NDR, Kühne said: “It does not bother me, and there have been several attempts to get us talking.

“We all said: It does not make sense, we do not want that, so the French are probably trying to fish in the mud.”

Kühne also hit back at the reports at Hapag-Lloyd’s Annual General Meeting.

He said: “We do not want to be taken over by the French. If anything, we want to take over the French.”

Reuters reported that a non-cash merger had been proposed, but also said the approach had been rejected by Hapag-Lloyd’s major shareholders.