Tuesday , 12 November 2019
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UASC and Hapag-Lloyd’s merger progresses
On June 30, Hapag Lloyd’s share price rose by €1.28 (US$1.41) from June 28

UASC and Hapag-Lloyd’s merger progresses

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.