Dr. August Oetker KG announced Thursday (December 1) the sale of its shipping division Hamburg Süd including all activities, branches and its main business assets to the Maersk Line A/S, Copenhagen, Denmark after 80 years in shipping. A pre-sale contract has been signed with the company after intense talks with several interested parties.
Over the coming weeks, due diligence will be taken and the sales contract negotiated. The move is subject to the approval of several cartel authorities meaning the takeover will take effect in late 2017 at the earliest. Global container shipping has been making a loss for years. Hamburg Süd has done well compared to its rivals, the company noted.
Developing business model
Maersk is the global market leader and the ideal partner for successfully continuing and developing the hitherto successful business model. Hamburg Süd has transport volumes of around 4.1 million TEU (twenty-foot-equivalent units) and a slot capacity of around 625,000 TEU and counts among the world’s ten largest container-shipping companies. The tramp services, product tankers and other activities account for around 7 per cent of the business volume. The company has around 6,000 staff and accounts with proceeds of around EUR 6.1 million for 60 per cent of the total turnover of the Oetker Group, the company said. (All figures are for the fiscal year 2015.)