Container lines Hapag-Lloyd and United Arab Shipping Company (UASC) have confirmed they are “discussing forms of cooperation”, which could potentially include a merger.
The two say their merger discussions are based on a relative valuation of the two businesses at 72% for Hapag-Lloyd and 28% for UASC, “subject to a mutually satisfactory completion of the negotiations and the mutual due diligence exercise”, a statement from the German carrier said today.
No binding agreement has yet been signed, and Hapag-Lloyd stressed there can be no guarantee the discussions will result in any definitive deal.
Germany’s Manager Magazin this morning reported the discussions are at an “advanced” stage.
