Hapag-Lloyd and UASC merger completion delayed two months
Hapag-Lloyd and UASC have agreed to delay by two months the completion of their planned merger, insisting that neither the deal nor the 1 April launch of new container shipping consortium The Alliance are not at risk.
The two lines said the final preparations were on track for closing the deal during the next few weeks, but they had mutually agreed to shift the completion date under the Business Combination Agreement (BCA) to 31 May 2017. The companies had originally envisaged closing the transaction by 31 March 2017.
They said all the merger clearances and competition authority approvals, as well as all the necessary banking approvals from Hapag-Lloyd’s side and “substantially all banking approvals from UASC’s side” had been obtained, and the merger parties were “arranging the final documentation for a closing of the business combination”. The reason for the delay was that the final preparations for the closing were taking more time than expected, the lines said.
They stressed: “The transaction itself is not at any risk. Irrespective of the actual closing date, The Alliance will start its operation as of 1 April 2017 including all vessels as planned. The first-time consolidation of UASC into Hapag-Lloyd will take place as of closing.”