HAPAG-LLOYD "APPROACHED BY MANY CARRIERS" FOR MERGER TALKS

HAPAG-LLOYD “APPROACHED BY MANY CARRIERS” FOR MERGER TALKS

   Hapag-Lloyd has been approached by many ocean carriers concerning a merger or cooperation, said Bernd Wrede, chairman of the Hapag-Lloyd group.
   Without disclosing names, Wrede said that "many competitors" would like to cooperate more closely with Hapag-Lloyd.
   Hapag-Lloyd has examined, and will examine in the future, the strategy of growing by merger or acquisition, Wrede said, but the policy is to "stay alone" for the time being.
   Wrede said that he welcomed the trend toward mergers and acquisitions in liner shipping, including the recent takeover of Sea-Land’s international services by Maersk Line.