Maersk Line to pay $4 billion for Hamburg Sud
Combined, the two companies will be able to realize annual operational savings of about $350 million to $400 million, Maersk Line said in a statement fleshing out detail on the deal announced in December.
"By keeping Hamburg Sud as a separate and well-run company, we will limit the transaction and integration risks and costs while still extracting the operational synergies," said Soren Skou, CEO of both Maersk Line and its parent A.P. Moller-Maersk Group.
The boards of Maersk Line and the Oetker Group, owner of Hamburg Sud, on Friday approved the proposed deal, which has been given the green light by the European Commission and the U.S. Department of Justice.
The proposed acquisition will still need approval from regulatory authorities in countries such as Brazil, China and South Korea, a Maersk spokesman told Reuters, adding that the company expects to secure hese by December or early 2018.
"Integration does not start until we have all approvals," he said. ■