Maersk completes acquisition of German shipping line Hamburg Süd
Maersk Line has completed the acquisition of the German container shipping line Hamburg from the Oetker Group for €3.7bn (4.39bn).
The deal had originally been agreed in April, and has now received all regulatory approvals.
The acquisition is expected to generate annual operational synergies of around $350-400mn from 2019.
The savings are expected to be primarily derived from integrating and optimising the vessel networks as well as utilising the terminal capacity in APM Terminals.
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Overall APMM guidance for 2017 remains unchanged as the net impact on underlying result from the consolidation of Hamburg Süd will be immaterial.
The underlying result is excluding transaction and integration costs of which around $70mn will be accounted for in 2017.
