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.
“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.
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