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MAERSK LINE CLOSES HAMBURG SüD ACQUISITION

Image Courtesy: Maersk Line

Maersk Line’s acquisition of German container shipping line Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (Hamburg Süd) from the Oetker Group was closed today, the liner company informed.

The closure follows the final regulatory approval of 23 needed, which was obtained by the company on November 28 from the Korea Fair Trade Commission. All regulatory clearances were secured in less than a year, as Maersk Line announced its acquisition plans in December 2016.

“With the final approval of the acquisition, we have reached an important milestone in our strategy to become an integrated transport and logistics company delivering sustainable growth. These are truly exciting times and we are looking forward to taking the first steps forward as one company,” says Søren Skou, CEO of A.P. Moller – Maersk.

“Hamburg Süd is an outstanding brand with high quality products. By combining our two businesses we will reinforce the global positions of both companies and enhance our service offers towards customers.”

The acquisition is in line with Maersk Line’s growth strategy. Combined, the two companies will be able to realise operational synergies in the region of USD 350-400 million annually as from 2019, primarily derived from integrating and optimizing the vessel networks as well as utilizing the terminal capacity in APM Terminals.

Upon transfer of ownership, Dr. Ottmar Gast will retire as Chairman of the Executive Board of Hamburg Süd to become new Chairman of the Supervisory Board of Hamburg Süd. Søren Toft, Chief Operating Officer, A.P. Moller – Maersk, will become Board Member of the Supervisory Board of Hamburg Süd. New CEO for Hamburg Süd will be Dr. Arnt Vespermann, Maersk Line said.

“Becoming part of the world’s number one shipping company will create a lot of opportunities. We will strengthen Hamburg Süd in the global playing field and grow our market share together. At the same time, Hamburg Süd will continue serving our customers as a separate brand,” says Vespermann said.

Together, Maersk Line and Hamburg Süd will have a total container capacity of 4.15 million TEU and a 19.3% global fleet capacity share, according to Alphaliner’s assessment. 105 Hamburg Süd vessels will be integrated into the fleet of Maersk Line. The combined fleet will include a total of 773 owned and chartered vessels.

Maersk Line will acquire Hamburg Süd for EUR 3.7 billion ( USD 4.4 bn) on a cash and debt-free basis through a syndicated loan facility.

From: https://worldmaritimenews.com/

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MAERSK LINE TO BUY HAMBURG SüD FOR USD 4 BN

The Denmark-based shipping giant Maersk Line and German carrier Hamburg Süd, a part of the Oetker Group, have received an approval from their respective boards for the previously agreed sale and purchase deal.

Maersk Line said it will acquire Hamburg Süd for EUR 3.7 billion (USD 4 billion) on a cash and debt-free basis, adding that it plans to fully finance the acquisition through a syndicated loan facility which has already been established.

The acquisition still remains subject to regulatory approvals. The proposed acquisition received an approval from the US Department of Justice on March 23, 2017, while the the EU Commission approved the deal on April 10, 2017, subject to conditions.

Maersk Line A/S expects to close the transaction end 2017. Until then, Hamburg Süd and Maersk Line will continue business as usual as separate and independent companies.

The deal is expected to generate annual operational synergies of around USD 350-400 million as from 2019, primarily derived from integrating and optimising the vessel networks as well as utilising the terminal capacity in APM Terminals.

“Today, we have taken a decisive step towards the shared future of Maersk Line and Hamburg Süd,”Søren Skou, CEO of Maersk Line and A.P. Moller – Maersk, said.

“The acquisition is cementing our position as the largest and leading carrier in container shipping, and it will provide great opportunities for the employees of both companies,” Skou added.

The latest move comes on the back of an agreement reached between the Danish container carrier and the Oetker Group at the start of December 2016.

Under the combined network, the parties plan to offer an increased number of weekly sailings, faster transit times, more port calls, more direct port-to-port calls and less need for transhipment.

With the acquisition, Maersk Line and Hamburg Süd will have a total container capacity of around 3.9 million TEU (3.3 million TEU) and an 18.7% (16%) global capacity share. The combined fleet will consist of 743 container vessels.

Source: http://worldmaritimenews.com