Independent journal on economy and transport policy
07:52 GMT+2
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Hapag-Lloyd and UASC have reached an understanding on the fusion
Today it is in program an assembly of the shareholders of the Middle Eastern company in order to give the green light to binding agreements
June 29, 2016
In an official notice to the shareholders, yesterday the shipowning society German Hapag-Lloyd has announced that an agreement on the fusion with the Middle Eastern United Arab Shipping Company (UASC is reached), project for which is on negotiations from some weeks ( on 21 April 2016). In the note the German company has specified that with the company of Dubay the terms and the conditions of a Business Combination Agreement (BCA are agreed) that previews the bestowal of all the capital stock of the UASC to the Hapag-Lloyd.
Moreover Hapag-Lloyd has specified that yesterday own surveillance council has approved of the transaction on condition that the anchor sharholder of the two companies the respective engagements established in the BCA are assumed.
At last the German company has specified that the conclusion of binding agreements is still subject to the consent of the shareholders of the UASC and that an extraordinary assembly of the Middle Eastern company has been indetta in order today to Dubay with the objective to obtain such consent.
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