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Hapag-Lloyd, CSAV agree to combine ops

Tie-up will form the fourth-largest container shipping firm in the world

Boxed in: Hapag-Lloyd and CSAV are struggling to overcome a slump in the container market and compete with larger rival AP Moeller-Maersk. - PHOTO: BLOOMBERG

[SANTIAGO] Cia Sud Americana de Vapores SA (CSAV), controlled by Chile's billionaire Luksic family, signed an agreement with Germany's Hapag-Lloyd AG to combine operations and form the world's fourth-largest container shipping company. Under terms of a non-binding memorandum of understanding,