Hapag-Lloyd and CSAV Complete Merger

The deal will make Hapag-Lloyd the fourth largest container line in the world. 

Hapag-Lloyd and Compañía Sud Americana de Vapores (CSAV) have completed their merger, creating the fourth largest container shipping line in the world, announced the two companies.

"With Hapag-Lloyd's strength in Asian traffic and on the North Atlantic, combined with CSAV's strong position in Latin America, we will become the leading shipping company in this region – and thereby be able to offer our global customers an even more attractive network and wider range of products," said Hapag-Lloyd CEO Rolf Habben Jansen.

The newly joined company received the last of its approvals earlier this week, with Jansen adding that there would likely be no major changes to Hapag-Lloyd's workflow until closer to the end of the first quarter of 2015.

'We fit together perfectly thanks to our complementary network, our customer structure, and our excellent professionalism and reputation," Oscar Hasbún, CEO of CSAV.

The company also plans to raise €370 million ($459 million) in capital by the end of 2014, with CSAV taking a share worth €259 million ($320.9 million), while major Hapag-Lloyd shareholder Kühne Maritime will take €111 million ($137.7 million).

Afterwards, CSAV will become Hapag-Lloyd's biggest shareholder at 34 percent, followed by HGV and Kühne Maritime in third.

The three shareholders said that they plan to pool their 51 percent of shares together to "make key decisions" the the future, with CSAV owning 50 percent participation, while the other two will have a quarter each.

The deal will give Hapag-Lloyd a fleet of 200 vessels and an estimated turnover of €9 billion ($12.4 billion).