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Hapag-Lloyd holds talks with United Arab Shipping company

Parties are mulling co-operation. No binding agreement reached so far, says shipping company

Hapag-Lloyd AG (HL) and the United Arab Shipping Company SAG (UASC) are discussing possible collaborations including combining their joint container ship activities, the Hamburg-based company announced Thursday. In the event of a business combination, the talks will be based on a relative valuation of both businesses at 72% (HL) and 28% (UASC), subject to a mutually satisfactory completion of the negotiations and a due diligence exercise.

However, the talks have not resulted in any binding agreement so far and no assurance can be given that these discussions will lead to a definitive agreement. Hapag Lloyd’s statement came in reaction to a preliminary report in manager magazin, according to which the confidential talks were nearing conclusion.

Presence in 118 countries

Hapag-Lloyd is one of the world’s leading liner shipping companies and has a fleet of 77 container ships. The firm has around 9,500 employees at 366 sites in 118 countries. The acquisition of CSAV’s container business in December 2014 meant that Hapag-Lloyd’s fleet could offer total transport capacity of nearly 1 million standard containers (TEU) as well as a container capacity of 1.6 million TEU – including one of the largest and most modern fleets of reefer containers. Hapag-Lloyd is a founding member of the G6 Alliance, a global shipping alliance and also counts among the leading operators in transatlantic and Latin America trade.

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