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>

<< May 2017 >>
MTWTFSS
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

3RD ANNUAL WRECK REMOVAL CONTRACTS AND OPERATIONS SEMINAR

A comprehensive guide to legal and operational aspects of wreck removal incidents…

read more >

BARI-SHIP2017

At Bari-Ship you will meet not only the owners and leaders of these companies, but also the entire spectrum of managerial, operational and production staff…

read more >

Nor-Shipping 2017

Nor-Shipping is the leading maritime event week. Their top-quality exhibition, high-level conferences and prime networking opportunities…

read more >

2ND ANNUAL PORTS AND TERMINALS INSURANCE SEMINAR

DETAILED GUIDANCE ON HOW THE INSURANCE MARKET IS CHANGING, HOW RISKS ARE ASSESSED AND WHAT…

read more >