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German shipping group Hapag Lloyd completes merger with Arab peer UASC
May 24, 2017 / 1:13 PM / 7 months ago

German shipping group Hapag Lloyd completes merger with Arab peer UASC

FRANKFURT, May 24 (Reuters) - German shipping line Hapag Lloyd and Arab sector peer UASC have completed a delayed merger which creates the world’s fifth-biggest shipping company.

The German company said on Wednesday that the deal to combine the two businesses, announced in April 2016 and sealed in July last year, has closed and been listed in commercial registers as of May 24, including a capital increase of 45.9 million euros.

Qatar Investment Authority, through Qatar Holding, now holds 14.4 percent of Hapag Lloyd, Saudi Arabia’s Public Investment Fund would 10.1 percent and four other Gulf States investors a combined 3.6 percent.

Reuters reported last week that the closing of the deal was imminent after funding snags had been overcome. (Reporting by Vera Eckert; Editing by Arno Schuetze)

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