Shipping firms Hapag-Lloyd, CSAV agree to merge

BERLIN (AP) — Germany's Hapag-Lloyd AG and Chilean rival Compania Sud Americana de Vapores say they have agreed to merge, creating the world's fourth largest shipping company.

Hapag-Lloyd said Wednesday that once the merger receives the competition approval the combined company will have some 200 vessels and an annual turnover of 9 billion euros ($12.4 billion).

CSAV will receive a 30 percent stake in the new company. The other core shareholders will be Kuehne Maritime and the German port city of Hamburg, where Hapag-Lloyd is based.

The world's biggest shipping company is Danish conglomerate Maersk, followed by Switzerland's MSC, CMA CGM of France and Taiwanese firm Evergreen.

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