UASC shoreholders to vote on Hapag-Lloyd merger
United Arab Shipping Company (UASC) is to hold a shareholders meeting during which a vote will be held to approve a “business combination” agreement with Germany-based container line Hapag-Lloyd.
The details of such a combination has not yet been disclosed, but it is widely expected that the agreement will include a merger. The two lines in April said their merger discussions are based on a relative valuation of the two businesses at 72% for Hapag-Lloyd and 28% for UASC.
UASC said in a statement Thursday that talks are ongoing and no binding agreement has yet been reached. Its shareholders will vote to approve or reject the proposal at an extraordinary general meeting scheduled for June 2.
“The potential transaction is subject to the approval of the regulatory authorities, the relevant bodies at Hapag-Lloyd and other stakeholders. Its implementation is also subject to the approval of Hapag-Lloyd’s shareholders,” UASC noted in its statement.