European Union (EU) approves planned merger of container shipping activities between Compañia Sud Americana de Vapores (CSAV) and Hapag-Lloyd, CSAV said in its press release.
CSAV and Hapag-Lloyd signed a binding business combination agreement in April. Its implementation is subject to the approval of regulatory authorities.
The European Commission’s merger approval is the result of a consultation process which both companies are carrying out with regulatory authorities around the world.
Approvals in a few other jurisdictions are still pending. At the beginning of August, the Department of Justice of the United States had cleared the planned transaction.
The merger will create the fourth largest container shipping company in the world, with some 200 vessels, an annual transport volume of 7.5 million TEU and a combined turnover of approx. 9 billion Euro.