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Exclusive: France's CMA CGM made merger approach to Germany's Hapag Lloyd - sources

Reuters  |  LONDON/FRANKFURT 

By and Schuetze

LONDON/FRANKFURT (Reuters) - The world's no. 3 container shipping line of France has made an exploratory approach to German rival over a possible merger as players in the sector hunt for tie-ups to beat depressed conditions, say.

Three with knowledge of the matter, who declined to be named due to market sensitivity, said had initiated discussions in recent months with Hapag-Lloyd, which is ranked fifth globally, to look into some form of share merger of the two groups.

"The idea which has been proposed... would be a non-cash merger," one source said.

Key Hapag shareholders had rebuffed the proposition, which would narrow the gap to Maersk Line, the sources said.

(Additional reporting by in Frankfurt and Gus Trompiz in Paris; Editing by Adrian Croft)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 17:55 IST
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