Discussions over the proposed merger of German shipping giants Hamburg Süd and Hapag-Lloyd have come to a temporary halt, according to statements released this week.
The Albert-Ballin consortium of investors that backs Hapag-Lloyd said that the Oetker family, the backers of Hamburg Süd, had asked for talks to come to an end.
According to Hapag-Lloyd, the merger would not go ahead because the two parties had so far failed to reach an agreement on terms.
However, Hamburg Süd clarified the situation with a statement of its own, saying that both parties had jointly arrived at the conclusion to 'discontinue talks temporarily'.
'Hamburg Süd does not wish to comment publicly on the subject matter of the points under discussion,' the statement read. 'It does, however, expressly point out that the owners of Hamburg Süd – unlike the impression conveyed in various press articles – positively favour a flotation of the merged new company if certain conditions are met.
'The advisory board and executive board of Hamburg Süd remain firmly of the view that the merger of Hapag-Lloyd and Hamburg Süd would be of enormous benefit for both companies as well as for Hamburg as a shipping location.
