Hapag-Lloyd, CSAV mull merger options

[HAMBURG] Hapag-Lloyd AG is discussing a possible merger with Cia Sud Americana de Vapores SA (CSAV), Latin America's biggest container shipping line, as the companies struggle to overcome a global trade slump that has left the industry in crisis.

The talks are focused on whether "a possible business combination or any other form of association would be of mutual interest", Hamburg-based Hapag-Lloyd said in a statement yesterday.

Hapag-Lloyd, the biggest German container line with a fleet of 152 vessels, is still reeling from the slump triggered by the 2008 collapse of Lehman Brothers Holdings, reporting a 64 per cent decline in profit for the third quarter, its peak season.