Hapag-Lloyd’s Shareholders Approve UASC Merger Terms

Image Courtesy: Hapag-Lloyd

German shipping company Hapag-Lloyd has received an approval from its shareholders during the company’s annual general meeting held on Friday on creating the capital conditions required for the planned merger with the Arabian carrier United Arab Shipping Company (UASC).

Hapag-Lloyd’s shareholders approved the creation of new authorised share capital which is “to be used for the merger with the liner shipping company UASC, which is to be incorporated into Hapag-Lloyd as a contribution in kind.”

The shareholders also approved the expansion of the Supervisory Board from the current twelve members to 16, which is to take place once the merger with UASC is concluded.

The merger is still subject to antitrust approvals, according to the company.

“The pending merger with UASC is another strategic milestone for Hapag-Lloyd,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.

“This merger gives us the large vessels we need in order to achieve low transport costs per container. With the investments already made by UASC in these ship classes, Hapag-Lloyd will not need to make any more investments in large vessels in the next few years,” he added.

The two container carriers earlier signed a Business Combination Agreement (BCA), subject to the necessary regulatory and contractual approvals.

Following regulatory and contractual approvals expected to be obtained by the end of 2016, the new Hapag-Lloyd will own and operate 237 vessels with a total transport capacity of around 1.6 million TEU. The new company is expected to handle an annual transport volume of 10 million TEU and have a combined turnover of approximately USD 12 billion.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
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

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

THE 7TH EDITION OF NAVALIA, INTERNATIONAL SHIPBUILDING EXHIBITION 2018

The event wanted to be from the beginning a reference for the naval sector and to serve as a tool to attract investors and contracts for the industry…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >