Marine Link
Monday, December 11, 2017

Hapag-Lloyd Completes CSAV Merger Capital Increase

December 19, 2014

Antwerpen Express (Photo: Hapag-Lloyd)

Antwerpen Express (Photo: Hapag-Lloyd)

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping company Compañía Sud Americana de Vapores (CSAV). As planned, CSAV subscribed to EUR 259 million (approximately $316.8 million) and Kühne Maritime made a cash contribution of EUR 111 million (approximately $135.8 million). The capital increase had already been agreed upon mid-April with the signing of the contracts to combine CSAV’s container business with Hapag-Lloyd. It was to be implemented by the end of 2014.
 
After the capital increase, the shareholders of Hapag-Lloyd AG hold the following stakes: CSAV with 34%, HGV (City of Hamburg) 23.2%, Kühne Maritime 20.8%, TUI 13.9%, Signal Iduna 3.3%, HSH Nordbank 1.8%, M.M.Warburg & CO 1.8% (including two private investors) and HanseMerkur 1.1%. CSAV, HGV and Kühne Maritime have agreed to pool 51% of the shares in Hapag-Lloyd in order to discuss and make key decisions together in the future.
 
Beside the Closing on December 2, the capital increase was a requirement for releasing the bond with a volume of EUR 250 million (approximately $305.9 million) that had already been placed successfully on November 20. The proceeds from the bond with a maturity of five years will be used for the early redemption of the Hapag-Lloyd Euro bond due in October 2015. The redemption will take place on December 23.
Maritime Reporter Magazine Cover Nov 2017 - The Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News