10.1 C
Hamburg
Wednesday, January 20, 2021
Home News CMA CGM made merger approach to Hapag-Lloyd

CMA CGM made merger approach to Hapag-Lloyd

The world’s no. 3 container shipping line, CMA CGM of France, has made an exploratory approach to German rival Hapag-Lloyd (HLAG.DE) over a possible merger as players in the sector hunt for tie-ups to beat depressed conditions, finance sources say.

 Three finance sources with knowledge of the matter, who declined to be named due to market sensitivity, said CMA CGM had initiated discussions in recent months with Hapag-Lloyd, which is ranked fifth globally, to look into some form of share merger of the two groups.

“The idea which has been proposed... would be a non-cash merger,” one source said.

Key Hapag shareholders had rebuffed the proposition, which would narrow the gap to market leader Maersk Line (MAERSKb.CO), the sources said.

Read more on Reuters.

- Advertisment - LR Sustainability Decarbonisation Digital Adverts

Latest Posts

Maersk outlines roadmap to large carbon neutral boxships

AP Møller - Mærsk CEO Søren Skou has outlined the company’s route to producing large carbon neutral vessels by the end of this decade,...

Polish port neighbours vie for box volumes

Poland’s Port of Gdynia, around 15km north of Gdansk on the country’s Baltic coast is competing with its neighbour for cargo volumes, as both...

CMA CGM revises North Europe and Med rates

CMA CGM is continuing to update its prices, announcing new rates from the beginning of February in North Europe and the Mediterranean. The French line...

Maersk Essen loses many boxes in Pacific storm

Maersk Essen, a 13,100TEU vessel has reportedly lost a significant number of containers, on 16 Janaury, while en route to Los Angeles from China. Container...

Zhonggu confirms plan for up to 18 new boxships

China’s largest domestic liner operator Zhonggu Logistics confirmed on 20 January that it plans to order a dozen 4,600TEU container ships, with options for...