24 Desember 2014

[241214.EN.SEA] CSAV Completes Merger, Increasing Hapag-Lloyd Share Holding From 30 to 34pc

CHILE's Compania Sud Americana de Vapores (CSAV) has increased its share holding to 34 per cent from 30 per cent in Germany's Hapag Lloyd, with which it has merged its container operation, making the merged unit the world's fourth biggest shipping company.

CSAV has subscribed to the capital increase in Hapag-Lloyd, augmenting its shareholding and fulfilling its commitment of EUR370 million (US$452 million), and thus concluding the last step in the merger, reported Seatrade Global.

CSAV invested EUR259 million in Hapag-Lloyd, including an additional contribution which allowed an increase of four per cent in its shareholding in Hapag Lloyd.

CSAV's cash contribution in Hapag-Lloyd has been financed, partly with a bridge loan drawn for 180 days. CSAV expects recoup the funds to repay the bridge loan during the placement process of 11.68 million shares issued for up to $400 million.

Following the merger of their container shipping business, Hapag-Lloyd has a fleet of 200 ships of a million TEU, an annual transported volume of 7.5 million TEU and combined annual revenues of $12 billion.

Source : HKSG.

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