United Arab Shipping Company (UASC) has delayed a shareholder vote on the proposed merger with German shipping line Hapag-Lloyd.
UASC said the shareholders of the company were generally supportive of the ongoing discussions with Hapag-Lloyd and recognised the strategic value of a potential combination of both businesses in an extraordinary general meeting (EGM) held yesterday.
However, no formal vote was held on this topic at the meeting since the full agreement has not been finalised.
UASC said the two companies 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.
Last week, Hapag-Lloyd postponed its annual general meeting, which was scheduled for June 1, to a later date due to the ongoing merger talks with UASC.
