The merger of Compañía Sudamericana de Vapores (CSAV) and Hapag-Lloyd’s container shipping business has moved another step forward with approval from Brazilian regulatory authorities.

Brazil's Council for Economic Defence has approved the transaction without restrictions, adding to a growing list of approvals around the world.

“Regulatory entities in the United States and European Union, among others, have already given their approval. Recently, the Chilean Antitrust Agency decided not to pursue with its investigation of the transaction,” CSAV said in a statement.

The merger of CSAV and Hapag-Lloyd will create the world’s fourth largest container line.