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UASC shareholders to vote on Hapag-Lloyd merger on 2 June

UASC shareholders to vote on Hapag-Lloyd merger on 2 June
United Arab Shipping Co (UASC) shareholders are set to vote on a merger with Hapag-Lloyd on 2 June.

Hapag-Lloyd said in a statement that UASC had called an extraordinary general meeting for 2 June.

The German line revealed a month ago that the two companies were discussing a “business combination” based on a valuation of the two businesses at 72% (Hapag-Lloyd) and 28% (UASC).

“The talks between HL (Hapag-Lloyd) and UASC regarding a potential combination of their respective container shipping operations are ongoing; no binding agreement has yet been reached,” Hapag-Lloyd said on Thursday.

The merger would also be subject to the approval of Hapag-Lloyd’s shareholders and regulatory approvals.

The business combination would effectively see UASC become the seventh member line of new planned liner grouping THE Alliance.