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Hapag-Lloyd Board clears UASC merger agreement

The Hapag-Lloyd Board of Directors has approved the merger with United Arab Shipping Company, UASC, and the latter will now decide on the matter at an extraordinary board meeting on Wednesday.

Photo: PR-foto/Hapag-Lloyd

A merger of Hapag-Lloyd and United Arab Shipping Company (UASC) has now moved a step closer after the two container carriers reached agreement on the conditions of a merger.

According to Reuters, the Hapag-Lloyd Board of Directors on Tuesday approved the agreement, which means that the German carrier will acquire all shares in the Arabian carrier. However, shareholders still need to clear the transaction, reports the news agency.

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