Wednesday, February 18, 2015

Another Freight Container Line Sold to Competitors

Deal Announced Last Year Reaches Fruition
Shipping News Feature

GERMANY – CHILE – Hamburg Süd has finally signed a Sale and Purchase Agreement to acquire the container liner activities of Compañía Chilena de Navegación Interoceánica (CCNI), including the related general agency functions of CCNI's sister company, Agunsa Agencias Universales (Agunsa), having put pen to paper on a preliminary agreement in July last year, when the Hamburg based freight company put in a bid of $160 million.

The take-over of the CCNI/Agunsa business, both of which are subsidiaries of maritime investment group Grupo Empresas Navieras, is subject to approval by the relevant antitrust authorities. The acquisition was initially scheduled to be completed by the end of 2014 at the latest. Giving no reasons as to the delay and no confirmation as to the final agreed upon price, the merger is now due to become effective at the end of March 2015.

Hamburg Süd will operate the CCNI container liner business under this well-established brand name in the main trades between the West Coast of South America, Asia, Europe and North America respectively. Merging the experienced workforces of CCNI and Hamburg Süd will help to create an even stronger organisation that will provide a first class service to the customers of both companies.

CCNI will discontinue their container liner services and will only be using the CCNI name for the Car Carrier activities which they will retain. Agunsa will continue representing other shipping lines as an agency and will also further develop its port and logistics services business in South America.