Gleiss Lutz has advised the shareholders of Hapag-Lloyd AG on merging its container shipping business with that of Chilean competitor Compañía Sud Americana de Vapores (CSAV). The merger between Germany’s largest container shipping company and CSAV will create a new industry heavyweight: the fourth largest liner shipping company in the world, with some 200 vessels and an annual turnover of 9 billion euros. The transaction is subject to approval by the cartel authorities.
Yesterday CSAV, Hapag-Lloyd and its largest shareholders HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH (held by the City of Hamburg) and Kühne Maritime GmbH agreed that CSAV will contribute its entire container business to Hapag-Lloyd, in exchange receiving a 30% stake in the combined entity. Once the transaction has been consummated a capital increase of EUR 370 million will be carried out, with Kühne Maritime GmbH contributing EUR 111 million and CSAV EUR 259 million. A further capital increase will be linked to Hapag-Lloyd's planned stock exchange listing, the timing of which has not yet been determined.
The following team of Gleiss Lutz lawyers advised Hapag-Lloyd AG: Dr. Andreas Rittstieg and Dr. Fred Wendt (both lead, partners, corporate/M&A, Hamburg), Dr. Johann Wagner (partner, tax, Hamburg), Dr. Urszula Nartowska, Dr. Christian Mencke and Christian Zimmermann (all corporate/M&A, Hamburg).
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