Both liner operators said said CSAV subscribed to EUR 259m of the transaction while Kuhne Maritime, a major shareholder in Hamburg-based Hapag-Lloyd, plopped down EUR 111m.
The capital increase will see CSAV become Hapag-Lloyd’s largest shareholder with a 34% stake. The city of Hamburg owns 23.2%, Kuhne controls 20.8% and TUI holds 13.9% of the outfit.
“We have become the largest shareholder in a company that has $12bn in annual sales, and the extraordinarily significant potential cost savings will make it more competitive and profitable, which is why we believe that this is a very interesting investment opportunity,” CSAV chief executive Oscar Hasbun said.
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