Hapag-Lloyd Shareholders Okays Merger with UASC
Hamburg-based ocean carrier Hapag-Lloyd said its shareholders approved all items on the agenda at Annual General Meeting, mainly the share capital increase needed for combination with United Arab Shipping Co (UASC). "The main matter regarded creating the capital conditions required for the planned merger with the Arabian liner shipping company UASC. The shareholders therefore approved the creation of new authorised share capital. This is to be used for the merger with the liner shipping company UASC, which is to be incorporated into Hapag-Lloyd as a contribution in kind," says a statement from the company. The shareholders also approved the expansion of the Supervisory Board from the current twelve members to 16, which is to take place once the merger with UASC is concluded.
TUI AG Eyes IPO, Sale of Hapag-Lloyd
TUI AG is still open to a sale or flotation of its stake in container shipping company Hapag-Lloyd , its management said on Thursday. "Whichever comes first at a decent price, we will go for it," Chief Financial Officer Horst Baier told analysts after the group reported third-quarter results. Hapag-Lloyd is merging with Chilean shipper Vapores . After the closing of the deal, expected in autumn, and a capital increase, in which TUI will not take part, TUI's share of Hapag-Lloyd will fall to 13.9 percent. TUI has long been looking to exit container shipping in order to focus fully on tourism. Reporting by Victoria Bryan
