Hapag-Lloyd AG (Hapag-Lloyd) and the United Arab Shipping Company (UASC) are to hold a shareholders vote at general meeting on June 2 to decide whether the companies should proceed in finalising an agreement to merge operations.
The companies are said to be basing negotiations on relative business valuations of 72% for Hapag-Lloyd, and 28% for UASC.
If this partnership is to go ahead, the combination will create the world’s fifth largest container shipping group with 7.2% of global capacity, according to Alphaliner data.
If the operation merge is approved by UASC shareholders on June 2, further approval of applicable regulatory authorities, as well as relevant Hapag-Lloyd administration, shareholders, and other stakeholders, will be required in order to complete the transaction.
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