In April, German based ocean container carrier Hapag-Lloyd and Chilean based CSAV formally announced a merger deal after preliminary talks leaked in December 2013. This combination would create the fourth largest container shipping company in the world with upwards of 200 vessels and transport capacity of 7.5 million TEU’s in the fleet. The outlined deal involved Hapag’s control of 34 percent of the merged entity after two added capital infusions totaling approximately $1 billion.
After its consideration, the European Commission has now issued its approval of the planned merger.
Approval hurdles in other jurisdictions remain before the final green light, but the EU nod is a significant milestone.