Hapag-Lloyd, UASC Merger Seen Weathering Qatar Row

HAMBURG/FRANKFURT, June 9 (Reuters) - Hapag-Lloyd's merger with Arab Shipping Company, which is owned by six Gulf states, is proceeding as planned, despite the row between Qatar and its neighbors, a source at the German shipping group told Reuters on Friday. There were no signs so far that the diplomatic crisis would impact the deal, which was struck last month, the senior … [Read more...]

Hapag-Lloyd to Cut More Than a Thousand Jobs After Merger

FRANKFURT, May 31 (Reuters) - German shipping company Hapag-Lloyd confirmed on Wednesday that it is looking to cut up to 12 percent of its almost 11,000 land-based workforce after completing its merger with Arab peer UASC last week. A spokesman at Hapag-Lloyd's Hamburg headquarters said the job cuts would be made over the next 18 months to two years, confirming a report in … [Read more...]

Hapag-Lloyd Shareholders Approve Capital Increase to Fund Merger

FRANKFURT, May 29 (Reuters) - Shareholders of German shipping group Hapag-Lloyd on Monday approved a $400 million rights issue to fund a planned merger with United Arab Shipping Company, a company spokesman said. The two companies last week announced the completion of a deal to create the world's fifth-biggest shipping company. The embattled industry has been suffering … [Read more...]

Hapag-Lloyd Completes Merger with UASC

FRANKFURT, May 24 (Reuters) - Hapag-Lloyd and Arab sector peer UASC are focused on speedy integration, Hapag's chief executive said after the German company announced completion of their delayed merger to creates the world's fifth-biggest shipping company. Reuters reported last week that closure of the deal, which is valued at between 7 billion euros and 8 billion euros … [Read more...]