The merger between UASC and Hapag-Lloyd has become more certain after UASC’s shareholding states and Hapag Lloyd’s board both backed the merger.
On June 28, Hapag-Lloyd’s approved the deal and the next day UASC’s six shareholding states voted unanimously to approve the proposed merger.
The deal gives a relative valuation of the two businesses at 72% for Hapag-Lloyd and 28% for UASC.
UASC is 51% owned by Qatar and 35% owned by Saudi Arabia with the remainder held by other Arab states.
After the news, Hapag Lloyd’s share price rose from €17.44 (US$19.37) on June 28 to €18.72 (US$20.79) on June 30.