News:Middle East & Africa

Hapag-Lloyd takeover of UASC completion postponed, deal not in doubt

Hapag-Lloyd has postponed the completion date of its takeover of Dubai-headquartered United Arab Shipping Company (UASC).

The German container shipping company said closing the deal, which is thought to be worth between EUR7-8bn ($7.5-8.6bn), is taking longer than expected but is not at risk.

The deal is expected to complete on 31 May 31, two months after the previously agreed date of 31 March.

In a statement, Hapag-Lloyd said: “All merger clearances and authority approvals as well as all necessary banking approvals from Hapag-Lloyd AG’s side and substantially all banking approvals from UASC’s side have been obtained and the merger parties are arranging the final documentation for a closing of the business combination.”

Hapag-Lloyd said despite the delayed closing date that its participation in a new shipping alliance in which shipping lines share vessels and pool runs to various destinations would start as planned on April 1.

Known as THE Alliance, the tie-up brings together Hapag-Lloyd, NYK, Mitsui OSK Lines, K Line, and Yang Ming.

Posted 19 March 2017

© Copyright 2017 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

James Henderson

Middle East Correspondent

[FREE SAMPLE PAGES]  Seatrade Maritime Review, March Issue

Our March issue reports on why Seafarers remain an essential link in the shipping chain, and the future of the industry hinges on doing everything possible to enhance their career prospects and welfare at sea, as highlighted in the recent MARTHA report. Also our Market analysis includes the resurgent dry bulk sector, country reports Denmark’s ‘Blue Economy’, and the Technical section a focus on emissions reduction. 

Our latest issue features:

  • Container Analysis
  • Company Analysis
  • Seatrade Ship Managers Survey 2017 results
  • Panama Ship Registry turns 100
  •  Plus much more

Download the sample pages here.