Viewtrans Corporation Home | | Project Shipment Delivery Solution | Qianhai Bay Bonded & Supervisory Warehouse | viewtrans-zh-CN
View-trans Group
 
home>Focus>shipping news>

CSAV shareholders clear merger


source:cargonewsasia author: time:2014-04-23  

A significant majority of shareholders in Chilean shipper Compania SudAmericana de Vapores lent their support to the firm's merger with Germany's Hapag-Lloyd, allowing the agreed deal to clear a hurdle.

The deal to create the world's No. 4 container-shipping company was conditional on no more than five percent of Vapores' total shareholders exercising withdrawal rights by April 20. The Chilean company said that dissident shareholders exercised withdrawal rights on only 2.7 percent of total shares, reported Reuters.

"This is another step in the road to completing this transaction, which we're sure will be enormously beneficial for our company and our investors," Vapores chief executive Oscar Hasbun said.

Shipping groups have been struggling through the worst slump on record, as they grapple with low freight rates brought by overcapacity and a weak global economy.

The deal will now need to pass regulatory scrutiny and the approval of the City of Hamburg's Senate.



back:Hefei-Fuzhou high-speed rail link to open to traffic within 2014   next:New Tonnage Dues Rates in the Port of Novorossiysk
Relevance News
  • Dry bulk rates bottomed out for now: DNB(04-28)
  • OCL posts strong uptake of container feedering service(04-29)
  • Iran's Oceangoing Vessel to Come into Operation in June(05-04)
  • Vietnam: Decree 30 Issued On Conditions For Shipping Transpo(05-05)
  • Wallem Group wins 'Shipping Company of the Year' award(05-06)