Danish shipping group acquires German container company

Danish conglomerate A.P. Moller-Maersk A/S says it has acquired a German container shipping company that is ranked as the world's seventh largest container line.

Maersk says Hamburg Sud operates 130 container vessels and has nearly 6,000 employees in more than 250 offices worldwide.

Maersk CEO Soeren Skou said Thursday the acquisition was "a new milestone" in the history of its core shipping business, Maersk Line, adding that the German line was "a very well-run and highly respected company."

He added the deal was subject to final agreement and regulatory approvals.

In September, the Copenhagen-based group said it was splitting its massive container shipping operations and its energy business into separate companies, in a major shakeup that follows years of declining oil prices and freight rates.