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Hapag-Lloyd cancels agm ahead of possible UASC merger

Hapag-Lloyd cancels agm ahead of possible UASC merger
Hapag-Lloyd has cancelled its annual general meeting (agm) on 1 June ahead of a possible merger with United Arab Shipping Co (UASC).

The German container line said it was postponing its 1 June agm till August at the latest pending its possible “business combination” with UASC. Shareholders of the Middle East base line will vote on the merger on 2 June at an extraordinary general meeting”

“The previously publicised talks between Hapag-Lloyd AG (HL) and United Arab Shipping Company SAG (UASC) regarding a potential combination of their container shipping activities would in the case of a successful finalisation of such talks require potentially amendments to the agenda,” Hapag-Lloyd said.

The German company said previously the proposed merger would be based on a valuation of the two businesses at 72% (Hapag-Lloyd) and 28% (UASC).