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Analysis: Container merger looks dead in the water

Difficult to see the point behind a merger between Hapag-Lloyd and Chilean CSAV, says Alphaliner in a new analysis. Both carriers lose market shares in South America and money is pouring out of the Chilean carrier.

Photo: Alphaliner

A merger or another form of close collaboration between German Hapag-Lloyd and Chilean CSAV already looks to be dead in the water due to the carriers' latest operating results and their ownerships, which seem to lack a clear strategic direction, says analysts Alphaliner.

The Chilean Luksic family, through holding company Quiñeno, has a 46 percent stake in CSAV, and the company has invested around USD 1.5 billion in the shipping company and its terminal activities since 2011, but the stake was only worth USD 699 million before the announcement of the current merger talks with Hapag-Lloyd.

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