Hapag-Lloyd announced on 28 June that it had reached an agreement
with UASC on the terms and conditions of a Business Combination
Agreement (BCA), involving the contribution of all UASC shares to
Hapag-Lloyd. The Supervisory Board of Hapag-Lloyd has approved the
transaction subject to the anchor shareholders of Hapag-Lloyd and
UASC agreeing to assume the commitments levied upon them in the
BCA, the full terms of which were not disclosed.
The conclusion of binding agreements is still subject to the consent
of the shareholders of UASC, which are to hold an extraordinary general
meeting in Dubai on 29 June 2016 to discuss the issue.
The planned combination of Hapag-Lloyd and UASC would create the
fifth largest container carrier in the world, with a combined fleet of
1.47 Mteu, based on the two carriers’ current operated fleet.