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UASC shareholders sign over all, only formalities left in Hapag deal
SHAREHOLDERS of the United Arab Shipping Company (UASC) have agreed to Hapag-Lloyd merger proposal that German's Hapag-Lloyd would own 72 per cent of the new company.
UASC shareholders, which included six Middle Eastern states, voted unanimously to approve a proposed merger with Hapag-Lloyd Hamburg during a meeting at UASC's corporate office in Dubai.
UASC's shareholders - comprised of Qatar, Saudi Arabia, Kuwait, Iraq, the United Arab Emirates and Bahrain - will own 28 per cent of the combined company.
This will make Hapag-Lloyd the fifth largest container shipping company in the world, noted American Shipper.
"Several legal and administrative tasks need to be completed before the binding agreement can be formally signed," UASC said. "Both companies will initiate the requests for the necessary regulatory approvals."
Until then, both companies will continue to operate as independent, stand-alone companies, said UASC.
UASC shareholders, which included six Middle Eastern states, voted unanimously to approve a proposed merger with Hapag-Lloyd Hamburg during a meeting at UASC's corporate office in Dubai.
UASC's shareholders - comprised of Qatar, Saudi Arabia, Kuwait, Iraq, the United Arab Emirates and Bahrain - will own 28 per cent of the combined company.
This will make Hapag-Lloyd the fifth largest container shipping company in the world, noted American Shipper.
"Several legal and administrative tasks need to be completed before the binding agreement can be formally signed," UASC said. "Both companies will initiate the requests for the necessary regulatory approvals."
Until then, both companies will continue to operate as independent, stand-alone companies, said UASC.
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