Hapag-Lloyd and UASC agree a merger

Container lines Hapag-Lloyd and United Arab Shipping Company (UASC) have agreed on the terms of a merger.

All shares would be transferred to the German carrier as part of the deal, which has been approved by Hapag-Lloyd’s supervisory board.

The merger is still subject to approval from Hapag-Lloyd’s anchor shareholders and from UASC shareholders, who will meet at an extraordinary general meeting in Dubai on Wednesday.

Merger discussions to date have been based on a relative valuation of the two businesses at 72% for Hapag-Lloyd and 28% for UASC.