German liner company Hamburg Sud said it expects to seal the acquisition of the container shipping operations of Chilean shipping group Compania Chilena de Navegacion Interoceanica [CCNI] by the end of March.
Earlier, Hamburg Süd has confirmed the long-awaited signing of its purchase agreement for the container line business of CCNI.
The takeover includes the general agency functions of Agunsa Agencias Universales on behalf of CCNI. Subject to approval by antitrust authorities, the transaction is scheduled to be closed at the end of March.
Hamburg Süd initially planned to complete the takeover before the end of 2014 but it offered no explanation why the process had taken longer. Nor would it confirm the final takeover price that has been agreed.
CCNI informed investors in July 2014 that Hamburg Süd offered USD160 million for its container line business plus charter contracts for four 9,000 TEU CCNI new building vessels for periods of 12 years.
José Luis Chanes, CCNI general manager, reported to Chile’s Superintendence of Securities and Insurance (SVS), that the sale could take place next 17 March as long as the National Economic Prosecutor (FNE) approves the transaction.
“Merging the experienced workforces of CCNI and Hamburg Süd will help to create an even stronger organization that will provide a first class service to the customers of both companies,” the German company said in a press release.
Hamburg Süd will operate the CCNI container liner business in the main trades between the West coast of South America, Asia, Europe and North America.
CCNI will discontinue its container liner services and will only be using the CCNI name for the car carrier activities which it will retain. Agunsa will continue representing other shipping lines as an agent and will also further develop its port and logistics services business in South America.