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Hapag-Lloyd and CSAV agree to merge

April 17 - Hapag-Lloyd AG and Compa

Following the integration, the new Hapag-Lloyd will rank among the four largest liner shipping companies in the world, with some 200 vessels and a total transport capacity of around one million teu, an anual transport volume of 7.5 million teu and a combined turnover of EUR9 billion.

Hapag-Lloyd's head office will remain in Hamburg, but the company will have a strong regional office in Chile for its Latin American business.

CSAV will initially hold a 30 percent stake in the combined entity. The partners have agreed on a capital increase of EUR370 million once the transaction has been concluded, to which CSAV will contribute EUR259 million - this will increase CSAV's share of Hapag-Lloyd to 34 percent.

"This day is an important milestone in the history of Hapag-Lloyd," said Michael Behrendt, chairman of the executive board of Hapag-Lloyd, upon signing the agreement. "The transaction increases the value of the company and therefore also the value of our shareholders' shares."

"The combination with CSAV, Latin America's leading container shipping line, considerably strengthens Hapag-Lloyd in this growth market and adds a strong position in the North-South traffic to the company's global network and to its established strength in the East-West traffics," said ceo of CSAV, Oscar Hasbún.

The relevant corporate bodies of both companies have already approved the merger. The closing of the transaction is subject to the approval of competition authorities.

Another condition is that not more than 5 percent of total CSAV's minority shareholders exercise their appraisal rights till April 20, 2014. Until then dissident CSAV shareholders have the right to withdraw. The company defined thate this appraisal right should be exercised by holders of less than 5 percent of the company's total shares in order for the merger with Hapag-Lloyd to be completed.

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