The board of Brazil's Log-In Logistica Intermodal has approved a takeover by Mediterranean Shipping Co (MSC).
In a statement to the Sao Paulo Stock Exchange, the shipowner and terminal plater said the board had accepted the voluntary tender offer for the acquisition of the company.
The takeover still has to be approved by the Brazilian antitrust authorities.
But the country's competition watchdog, CADE, has already granted MSC "certain political rights", Log-In said.
These allow the Swiss company to call extraordinary general meetings and elect board members.
Geneva-headquartered MSC launched a surprise bid for the Brazilian liner operator on 15 September via its subsidiary company SAS Shipping Agencies Services.
The Swiss carrier has submitted a voluntary public offer to buy 67% of the shares in a deal that values the Rio de Janeiro-based company at around $500m.
No 1 slot in sight
A successful takeover would be enough push MSC into the number one slot as the world's largest liner operator.
MSC and Maersk each have 16.9% of the world container fleet, according to Alphaliner.
Maersk's total fleet of 4.26m-teu is just 7,283 teu higher than MSC, the figures suggest.
But Log-In has a combined capacity of 15,462 teu, enough for Aponte-family controlled MSC to leapfrog Maersk.
The Brazilian company owns seven containerships ranging from 1,674-teu through to 2,758-teu.
VesselsValue estimates the value of these vessels to be worth $359m.
That excludes two 3,158-teu vessels ordered in October at China's Zhoushan Changhong International Shipyard at a cost of $42.6m each.
The vessels will be the largest in the Brazilian operator's fleet and are slated for delivery in December 2023 and May 2024.
Log-In ranks 51 in the Alphaliner carrier league.
The company operates its fleet mostly on Brazilian coastal services, as well as to Argentina and Uruguay. It also operates joint services with Mercosul Line, the Brazilian liner shipping subsidiary of CMA CGM.
MSC is expanding into the growing markets of South America and Africa.
Earlier this week it launched a €5.7bn ($6.4bn) bid to acquire Bollore Africa Logistics (BAL), one of the biggest transport and logistics operators in Africa.
