Steps are being taken to explore the possibility of a merger between German shipping companies Hapag Lloyd and Hamburg Süd.
Following speculation in German publication Bild this week, a joint statement was released by both groups on Tuesday 18 December confirming talks between both parties.
'The executive boards of Hapag-Lloyd and of Hamburg Süd, in agreement with their shareholders, are investigating if, and under what conditions, a merger of both companies would be of interest,' a group statement read.
Hapag Lloyd's majority shareholder Klaus-Michael Kuehne has called for a merger with Hamburg Süd several times, Bild noted, believing that it is the only way to compete with shipping giants Maersk Line and Mediterranean Shipping Company.
Back in 2008, Hapag-Lloyd, was sold by TUI to a consortium of Hamburg-based investors – led by Kuehene – for €4.45bn.
The winning bidders beat out Singapore’s Neptune Orient Lines (NOL).
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