The city of Hamburg, Germany, is pushing for Hapag-Lloyd and Hamburg Süd to resume merger talks to increase its chances of surviving a four-year slump in the sector, according to a city official, Reuters reports.
The city is the largest shareholder of Hapag-Lloyd, with a stake of nearly 37 percent. A merger with Hamburg Süd would give the city and TUI AG, which owns 22 percent, the opportunity to reduce their holdings.
“We will do everything to accomplish this merger in the foreseeable future,” said Frank Horch, Hamburg’s economy minister, on the sidelines of a maritime conference in Kiel, Germany. He noted that the city is eager to act as a moderator.
The container carriers called off merger negotiations in March after failing to agree on which of the two should have management control.