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Hapag-Lloyd and CSAV merger wins approval from European Union

THE merger of Germany's Hapag-Lloyd and Chile's CSAV, that will create the world's fourth largest container shipping company, has won the approval from the European Union.

The merger of container shipping business of Compania Sud Americana de Vapores (CSAV) and Hamburg's Hapag-Lloyd has met requirements of the European Commission regulatory authorities.

Regulatory approval from other authorities has yet to come, though the merger appears to have passed muster with the US Department of Justice.

The new entity, under the Hapag-Lloyd name, will deploy 200 vessels, an annual volume of 7.5 million TEU and a combined revenue of EUR9 billion (US$11.6 billion).