Oetker inks agreement to sell Hamburg Sud to Maersk
Time: 2017-03-17 13:45
GERMAN conglomerate Dr August Oetker KG announced that it has signed an agreement to sell its liner shipping subsidiary, Hamburg Sud, to Danish shipping giant, Maersk Line.
Maersk and Oetker announced the deal on December 1, 2016, but the agreement was not signed until this Tuesday.
In December, Maersk said the acquisition of Hamburg Sud would boost its share of the world's container fleet from 15.7 per cent to 18.6 per cent, and will grow its capacity from 3.14 million TEU to 3.76 million TEU.
Oetker, which is a diversified, family-owned company with interests in food, beverages, banking, hotels, chemicals and other industries, said the sale and purchase agreement will be reviewed and authorised by the respective supervisory boards and shareholder assemblies between the end of April and mid-May.
Subject to regulatory approval, the closing may take place at the end of the year, American Shipper reported.
Maersk and Oetker announced the deal on December 1, 2016, but the agreement was not signed until this Tuesday.
In December, Maersk said the acquisition of Hamburg Sud would boost its share of the world's container fleet from 15.7 per cent to 18.6 per cent, and will grow its capacity from 3.14 million TEU to 3.76 million TEU.
Oetker, which is a diversified, family-owned company with interests in food, beverages, banking, hotels, chemicals and other industries, said the sale and purchase agreement will be reviewed and authorised by the respective supervisory boards and shareholder assemblies between the end of April and mid-May.
Subject to regulatory approval, the closing may take place at the end of the year, American Shipper reported.
