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Published: 19 March 2017      

Hapag-Lloyd and UASC "postpone" merger

Hapag-Lloyd AG and UASC have shifted the "long-stop date" under their "business combination agreement" to the end of May

According to a statement from Hapag-Lloyd, "final preparations are on track for closing during the next [few] weeks; the "transaction is not at risk" and the start of THE Alliance is not affected.

According to the statement issued from Hamburg, "Hapag-Lloyd and UASC have mutually agreed to shift the long-stop sate under the business combination agreement (BCA) to 31st May 2017 and have amended the BCA accordingly."

The merger companies originally envisaged closing the transaction by 31st March 2017 - just before THE Alliance kickis in.

"All merger clearances and authority approvals as well as all necessary banking approvals from Hapag-Lloyd AG’s side and substantially all banking approvals from UASC’s side have been obtained and the merger parties are arranging the final documentation for a closing of the business combination," continues the statement.

However, "final preparations for the closing have taken more time than expected. The transaction itself is not at any risk. Irrespective of the actual closing date THE Alliance will start its operation as of 1st April 2017 including all vessels as planned."


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