Maersk Line reaches agreement with Oetker Group to acquire Hamburg Sud
MAERSK Line and the Oetker Group have reached an agreement for Maersk Line to acquire Hamburg Sud, the German container shipping line.
The acquisition is subject to final agreement and regulatory approvals, according to a Maersk Line statement.
Hamburg Sud is the world's seventh largest container shipping line and a leader in the North ?South trades.
"Today is a new milestone in Maersk Line's history. I am very pleased that we have reached an agreement with the Oetker Group to acquire Hamburg Sud. Hamburg Sud is a very well-run and highly respected company with strong brands, dedicated employees and loyal customers. Hamburg Sud complements Maersk Line and together we can offer our customers the best of two worlds, first of all in the North - South trades,"says Soren Skou, CEO of Maersk Line and the Maersk Group.
"We are proud to join the global market leader Maersk Line. While gaining access to a superior network and systems we will continue the Hamburg Süd brand and business model offering personalized solutions to our shippers and consignees. By joining forces both Maersk and Hamburg Sud will strengthen their product portfolio and cost position to the benefit of their customers,"says Dr. Ottmar Gast, Chairman of the Executive Board of the Hamburg Süd Group."
Maersk Line announced in September that it would grow market share organically and through acquisitions.
"The acquisition of Hamburg Süd is in line with our growth strategy and will increase the volumes of both Maersk Line and APM Terminals,"says Mr Skou.
Hamburg Sud and Alianca will continue as separate brands and continue to serve customers through their local offices.
"Hamburg Sud and Alianca have competitive and attractive customer value propositions, which we want to preserve and protect.
"Our combined network will provide exciting opportunities to develop new products and exploit operational synergies. Hamburg Sud and Maersk Line customers will benefit from more choice and better products,"added Mr Skou.
The acquisition is subject to a satisfactory due diligence, final agreement and subject to regulatory approval in amongst others China, Korea, Australia, Brazil, the United States and the EU. Maersk Line will work closely with the authorities. Maersk Line expects the regulatory process to last until the end of 2017. Until then, Hamburg Sud and Maersk Line will continue business as usual, the statement.
MAERSK Line and the Oetker Group have reached an agreement for Maersk Line to acquire Hamburg Sud, the German container shipping line.
The acquisition is subject to final agreement and regulatory approvals, according to a Maersk Line statement.
Hamburg Sud is the world's seventh largest container shipping line and a leader in the North ?South trades.
"Today is a new milestone in Maersk Line's history. I am very pleased that we have reached an agreement with the Oetker Group to acquire Hamburg Sud. Hamburg Sud is a very well-run and highly respected company with strong brands, dedicated employees and loyal customers. Hamburg Sud complements Maersk Line and together we can offer our customers the best of two worlds, first of all in the North - South trades,"says Soren Skou, CEO of Maersk Line and the Maersk Group.
"We are proud to join the global market leader Maersk Line. While gaining access to a superior network and systems we will continue the Hamburg Süd brand and business model offering personalized solutions to our shippers and consignees. By joining forces both Maersk and Hamburg Sud will strengthen their product portfolio and cost position to the benefit of their customers,"says Dr. Ottmar Gast, Chairman of the Executive Board of the Hamburg Süd Group."
Maersk Line announced in September that it would grow market share organically and through acquisitions.
"The acquisition of Hamburg Süd is in line with our growth strategy and will increase the volumes of both Maersk Line and APM Terminals,"says Mr Skou.
Hamburg Sud and Alianca will continue as separate brands and continue to serve customers through their local offices.
"Hamburg Sud and Alianca have competitive and attractive customer value propositions, which we want to preserve and protect.
"Our combined network will provide exciting opportunities to develop new products and exploit operational synergies. Hamburg Sud and Maersk Line customers will benefit from more choice and better products,"added Mr Skou.
The acquisition is subject to a satisfactory due diligence, final agreement and subject to regulatory approval in amongst others China, Korea, Australia, Brazil, the United States and the EU. Maersk Line will work closely with the authorities. Maersk Line expects the regulatory process to last until the end of 2017. Until then, Hamburg Sud and Maersk Line will continue business as usual, the statement.