Hapag-Lloyd AG has agreed to acquire rival’s Cia. Sud Americana de Vapores SA (CSAV) assets. The acquisition would lead Hapad-Lloyd to become the world’s fourth biggest container shipping firm, reported Bloomberg.

The Luksic family will have a grip on a third of the shares in the merged company. The deal would merge the 151 Hapag-Lloyd vessels with around 50 fleet of CSAV. This was according to a filing yesterday, said Bloomberg.

Along with the Luksic family, the City of Hamburg along with billionaire Klaus-Michael Kuehne would hold 75.5 percent and control the new shipping firm.

The Luksics along with Kuehne are merging to be able to compete with AP Moeller-Maersk A/S. CSAV Chief Oscar Hasbun said, “The combination with CSAV, Latin America’s leading container shipping line, considerably strengthens Hapag-Lloyd in this growth market and adds a strong position in the North-South traffic and to its established strength in East-West traffic.”