Hapag-Lloyd delays AGM due to UASC merger discussions

Hapag-Lloyd delays AGM due to UASC merger discussions

German shipping line Hapag-Lloyd has decided to postpone its annual general meeting (AGM) scheduled for June 1, 2016 due to ongoing merger talks with United Arab Shipping Company (UASC).

The two companies are in negotiations over the merger of their container shipping activities, with the AGM postponement a strong indication that talks are likely to conclude swiftly and positively.

The deal will see Hapag-Lloyd, which took over CSAV 18 months ago, take a 72% stake in the new combined line, which would be worth $9bn and the world’s fifth largest containerline.

UASC has scheduled an extraordinary general meeting on June 2 at which its shareholders would vote on the proposed merger.

Hapag-Lloyd said its AGM will take place in August 2016 at the latest.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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