Maersk Line acquiring Hamburg Süd

12/1, 11:06 AM (Source: TeleTrader.com)

A.P. Møller – Mærsk A/S, commonly known as Maersk Group, said it agreed for its shipping division to take over Hamburg Süd Group from Oetker Group. The undisclosed transaction, pending a final agreement and green light from regulators, is expected to be completed by the end of 2017.

In the press release published on Thursday, the company listed in Copenhagen stated the target firm is the seventh-largest on a global level, with focus on the North-South lines. The German operator employs 5,960 people and runs 130 vessels with container capacity of 625,000 twenty-foot equivalent units (TEUs), the statement adds. Hamburg Süd had sales of $6.73 billion last year, Maersk Line noted.

"While gaining access to a superior network and systems we will continue the Hamburg Süd brand and business model offering personalized solutions to our shippers and consignees," said Ottmar Gast, the board chief of the firm that will be acquired. Oetker is leaving the shipping sector after 80 years. Maersk said its global capacity share will be boosted by 2.9 percentage points to 18.6%, with 741 vessels.

Teletrader Newsroom / IT