UASC says shareholding states vote to back Hapag-Lloyd merger

Monday, 4 July 2016 00:00 - - {{hitsCtrl.values.hits}}

BERLIN (Reuters): United Arab Shipping Company (UASC) said its six shareholding states backed a merger deal with German container shipping line Hapag-Lloyd AG.

UASC, majority-held by the government of Qatar, said in a statement that “All six of UASC’s shareholding states voted unanimously to approve the proposed merger with Hapag-Lloyd AG (Hapag-Lloyd) with a relative valuation of the two businesses at 72% for Hapag-Lloyd’s shareholders and 28% for UASC’s shareholders.”

“Several legal and administrative tasks need to be completed before the binding agreement can be formally signed,” it added.