Hapag-Lloyd merger talks get UASC' shareholders' nod

An Extraordinary General Meeting (EGM) of UASC’s shareholders was held June 2, 2016 in the company’s corporate office in Dubai. The shareholders discussed and approved the proposed amendments to the company’s Articles of Association, UASC said in a press release.

While the shareholders’ representatives at the EGM were generally supportive of the ongoing discussions with Hapag-Lloyd and recognized the strategic value of a potential combination of both businesses, no formal vote was held today on this topic since the full agreement has not been finalized.

UASC and Hapag-Lloyd are continuing their discussions to reach an agreement on the envisaged combination, in which case, another EGM of the UASC shareholders will then be convened.

Dubai-headquartered United Arab Shipping Company (UASC) was established in Kuwait in July 1976 jointly by six shareholding Arab states of the Persian Gulf (Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia and U.A.E). The UASC fleet of 52 ships operates more than 18 services, connecting the Middle East to Europe, the Mediterranean, Indian Sub-continent, Far East, West Africa and the Americas. UASC network covers over 200 ports and destinations worldwide.