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>

<< Feb 2018 >>
MTWTFSS
29 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 1 2 3 4

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >