French shipping line CMA CGM has reportedly approached German rival Hapag-Lloyd over a possible non-cash merger.
Media reports suggest that Hapag-Lloyd declined CMA CGM’s proposal, with Hapag-Lloyd shareholder Klaus-Michael Kühne reportedly saying that, “at best, we want to takeover the French [company]”.
The merger of the two shipping giants, both of which have a strong interest in the project logistics sector, would create the world’s largest container shipping line.
Meanwhile, CMA CGM has obtained all regulatory approvals for its investment in CEVA Logistics and will become a 24.99 percent shareholder in the Swiss company.
The French container shipping group announced its intention to acquire a stake in CEVA earlier this year, as HLPFI reported here.