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Hapag-Lloyd, CSAV agree to combine ops

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

Published Thu, Jan 23, 2014 · 10:00 PM
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[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, CSAV will own 30 per cent of the combined company, Valparaiso, Chile-based CSAV said in a regulatory filing released after the close of trading on Wednesday.

CSAV would join German billionaire Klaus-Michael Kuehne and the City of Hamburg in a shareholder pact that will control a total of 75.5 per cent.

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