UASC shareholders approve merger with Hapag-Lloyd

United Arab Shipping Company (UASC) has announced that its six shareholding states has approved a merger deal with German container line Hapag-Lloyd at an extraordinary general meeting on Wednesday.

“All six of UASC’s shareholding states voted unanimously to approve the proposed merger with Hapag-Lloyd with a relative valuation of the two businesses at 72 percent for Hapag-Lloyd’s shareholders and 28 percent for UASC’s shareholders.” UASC said in a statement.

The proposed deal will see Hapag-Lloyd takeover all UASC’s shares, the majority of which are held by the government of Qatar.

On Tuesday, the board of Hapag-Lloyd agreed on the terms of a merger, which will create the world’s fifth-biggest containership operator in terms of capacity.