German conglomerate Dr. August Oetker KG said it has signed an agreement to sell its liner shipping subsidiary, Hamburg Süd, to Maersk Line.
Maersk and Oetker announced the deal on Dec. 1, 2016
, but the agreement was not signed until this Tuesday.
Maersk, already the largest container carrier in the world, said in December the acquisition of Hamburg Süd would boost its share of the world’s container fleet from 15.7 percent to 18.6 percent, and will grow its capacity from 3.14 million TEUs to 3.76 million TEUs.
Oetker, which is a diversified, family-owned company with interests in food, beverages, banking, hotels, chemicals and other industries, said the sale and purchase agreement will be reviewed and authorized by the respective supervisory boards and shareholder assemblies between the end of April and mid-May. Subject to regulatory approval, the closing may take place at the end of the year.