Hapag-Lloyd, UASC Postpone Final Merger Date

Image Courtesy: Hapag Lloyd

German shipping major Hapag-Lloyd and Dubai-based United Arab Shipping Company (UASC) have decided to delay the finalization of their agreement by two months, until the end of May, as the final preparations are taking “more time than expected.”

Namely, the companies said that they agreed to shift the Long-Stop Date under the Business Combination Agreement (BCA) until May 31, 2017 from the originally envisaged March 31.

Hapag Lloyd said that all merger clearances and authority approvals, as well as all necessary banking approvals from its side and substantially all banking approvals from UASC’s side, have been obtained.

Additionally, the merger parties are arranging the final documentation for a closing of the business combination.

The latest move would not influence the transaction itself, Hapag Lloyd informed.

Irrespective of the actual closing date, THE Alliance will start its operation as of April 1, 2017 including all vessels as planned. The first time consolidation of UASC into Hapag-Lloyd will take place as of closing.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Green Ship Technology North America

Survival of the fittest in maritime: Make smart investments, ensure you are compliant, future proof your fleet…

read more >

FCCA Cruise Conference & Trade Show

The ​FCCA ​Conference ​is ​a four-day ​event ​designed ​to ​foster ​a ​better ​understanding ​of ​the ​inner ​workings ​of ​the ​cruise…

read more >

Bulk Liquid Storage Europe 2017

The event will cover current key challenges and issues faced by the industry and provide in depth discussions and analysis of today`s…

read more >

3RD ANNUAL GENERAL AVERAGE SEMINAR

ATTEND THIS SEMINAR TO:
– Get up to speed on the revisions to the York-Antwerp Rules 2016…

read more >