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...]
Gulf Bidders Emerge for UASC-Linked Shipping Unit -Sources
By Jonathan Saul and Tom Arnold LONDON/DUBAI, May 23 (Reuters) - Gulf-based bidders have emerged for the part-owned subsidiary of United Arab Shipping Company (UASC) whose sale is key to finalising the merger between UASC and German container shipping line Hapag Lloyd , sources close to the matter said. Last week, sources told Reuters that Hapag Lloyd was close to completing … [Read more...]
Hapag-UASC Tie-Up Nears Completion as Funding Snags Overcome -Sources
By Jonathan Saul and Arno Schuetze LONDON/FRANKFURT, May 18 (Reuters) - German shipping line Hapag Lloyd is close to completing a merger with United Arab Shipping Company (UASC) after UASC's shareholders agreed terms to repay outstanding debts, sources familiar with the talks told Reuters. The deal to create the world's fifth-biggest shipping company, valued at about 7 … [Read more...]
Hapag Lloyd-UASC Merger Hits Snag Over Ownership Share, Sources Say
By Jonathan Saul and Arno Schuetze LONDON/FRANKFURT, March 28 (Reuters) - A merger of Hapag-Lloyd and United Arab Shipping Company (UASC) has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say. Hapag Lloyd Chief Executive Rolf Habben Jansen told a news … [Read more...]