Hamburg Sud Buys Its Rival

Hamburg Sud said today that it has inked the long-anticipated deal to buy Italian rival Costa Container Lines (CCL) from GF Group. The purchase price was not disclosed, and company officials were not immediately available for comment.

The buy allows the German container liner company to add to its Europe-South America lines, while at the same time picking up CCL’s Mediterranean routes.

Hamburg Sud will also pick up Genoa, Italy-based CCL’s staff, as well as agencies in Europe and Latin America. The company plans to continue to use Italian brand. But the company will charter-in CCL’s fleet from GF Group, which also plans to continue operating refers.

According to TradeWinds, the deal is expected to close 1 December, as long as antitrust regulators approve.

Source:Seanews