Hapag-Lloyd’s Shareholders Approve UASC Merger Terms

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>

<< Aug 2018 >>
MTWTFSS
30 31 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

TRANSTEC 2018

TRANSTEC 2018 welcomes participants to explore Russian Ports and Shipping development opportunities…

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 >

SMM 2018

This is a must-attend event – a unique opportunity to meet key players, display business strengths, establish new contacts and exchange…

read more >

Defence Safety Conference Supported by The Defence Safety Authority, UK MoD

The Defence Safety Conference is the first of its kind exclusively dedicated to safety across the defence domain…

read more >