China Approves Maersk Line’s Acquisition of Hamburg Süd
“On 8 November 2017, Maersk Line’s proposed acquisition of Hamburg Süd was approved by the Ministry of Commerce (MOFCOM) in China. The approval is subject to conditions, which are that Maersk Line commits not to extend Hamburg Süd’s membership of a vessel sharing agreement currently active on the Far East Asia - West Coast of South America trade route, and that Maersk Line commits to terminate Hamburg Süd’s membership of a vessel sharing agreement currently active on the Far East Asia - East Coast of South America trade route.
Moreover, Maersk Line commits to reduce the combined capacity of Hamburg Süd and Maersk Line for shipping of reefer containers on the Far East Asia - West Coast of South America trade route. The capacity reduction is from the current level of 45-50% to a level of 34-39%, and maintain this level for a period of 3 years post-closing.
Hamburg Süd will remain active on the abovementioned trade routes - also in the future. The committed changes will become effective after closing of the proposed acquisition, expected before end of 2017.
“We are very pleased that the proposed acquisition of Hamburg Süd has now been approved in China. China is a key market for us and we strongly believe the proposed acquisition of Hamburg Süd will enhance the value proposition for the local customers of both companies,” says Maersk Line’s Chief Operating Officer Søren Toft.
Maersk Line’s proposed acquisition of Hamburg Süd is subject to regulatory approvals. Until closing of the acquisition, Hamburg Süd and Maersk Line continue business as usual.”
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