Mubasher: Maersk Line announced that the board of directors has approved finalizing the acquisition of Hamburg Süd from the Oetker Group for EUR3.7 billion ($4 billion).

The company added in a statement that the transaction is subject to the approvals of the United States Department of Justice and the European Commission.

Back in December, Maersk announced that it is planning to acquire Hamburg Süd in order to enhance its expansion.