Brazil agency approves Hapag-Lloyd CSAV merger

The companies say the action brings them one step closer to creating the fourth-largest container carrier.    Hapag-Lloyd said Brazil’s Council for Economic Defence has decided to approve without restrictions its plan to merge with Chile’s CSAV.
   Hapag-Lloyd said the approval “forms part of a series of notifications that both companies are making to the antitrust authorities around the world.”
   “Regulatory entities in the United States and European Union, among others, have already given their approval. Recently, the Chilean Antitrust Agency decided not to pursue with its investigation of the transaction,” it added.
   CSAV and Hapag-Lloyd signed a binding agreement last April to merge their container carrier businesses. On completion of the agreement, the combined company would be the world’s fourth-biggest operator, with around 200 containerships, a 1-million TEU capacity, cargo volumes shipped of 7.5 million TEUs annually, and combined business sales of more than $12 billion.