Danish shipping giant Maersk Line had announced last month that it was going through motions with authorities from the relevant geographies on clearing the takeover of Hamburg Süd. The Ministry of Commerce (MOFCOM) in China approved the deal on November 8, and it cleared its final hurdle after Brazilian regulators approved the acquisition without any restrictions, dispelling fears that costly requirements would be added, such as those demanded by the European Union, before it cleared the deal.
Maersk acquired Hamburg Süd for EUR 3.7 billion (USD 4.3 billion) on a cash and debt-free basis, which it plans to fully finance through an already secured syndicated loan facility. Maersk Line, with over 600 vessels worldwide, is the largest box carrier in the world, and Hamburg Süd is seventh-largest, with 130 ships; together they forge a powerful force. Once the acquisition is completed, Maersk Line and Hamburg Süd will have a total container capacity of around 3.9 million TEU and an 18.7% global capacity share. The combined fleet will consist of 743 container vessels.
In welcoming their acquisition to the Maersk Line family, the Danish container line said they viewed Hamburg Süd as a well-run company with highly valuable employees, who offer their shippers a service that is unique in the market. They intend to continue to engage separately with customers in global container shipping. Maersk says the new, strong business alliance will continue to offer clients integrated cargo solutions that ‘cater to their logistics ambitions.’
