MAERSK LINE OBTAINS FINAL REGULATORY APPROVAL AND CLOSES THE ACQUISITION OF HAMBURG SÜD
DECEMBER 1, 2017
Just over a year ago, Maersk Line announced its intention to acquire Hamburg Süd. The acquisition triggered a regulatory approval process in 23 jurisdictions, which just recently concluded with the approval of the acquisition by the Korea Fair Trade Commission.
“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.”
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.
“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 Arnt Vespermann.
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 the most recent Alphaliner data). 105 Hamburg Süd vessels will be integrated into the fleet of Maersk Line, with the combined fleet including a total of 773 vessels (owned and chartered).
Maersk Line will acquire Hamburg Süd for EUR 3.7 billion on a cash and debt-free basis. Maersk Line says that combined, the two companies will be able to realize operational synergies in the region of USD 350-400 million annually as from 2019.
Credit : Logistics Manager http://www.logistics-manager.com/