Hapag-Lloyd Agrees on Merger Terms with UASC
German container shipping line Hapag Lloyd AG on Tuesday said it has reached an agreement on terms and conditions of a business combination agreement with Arab peer United Arab Shipping Company (UASC). The deal, which would involve all shares in UASC being moved to Hapag-Lloyd, was approved by the Hapag-Lloyd supervisory board, it said in a statement. The merger still hinges on approval by both Hapag-Lloyd's anchor shareholders and the consent of UASC shareholders. An extraordinary general meeting of UASC will be held in Dubai on June 29, Hapag Lloyd said in the statement.
Hapag-Lloyd CFO Ganz Steps Down
Peter Ganz will step down from his position as company CFO effective April 1, 2015, also leaving the company on the same day, as announced during today’s meeting of Hapag-Lloyd’s Supervisory Board. The Supervisory Board has given its approval. The change on the Executive Board comes following an agreement between shareholders stipulating that CSAV, as the new largest shareholder in Hapag-Lloyd, has the right to nominate an individual of its choice to assume the position of CFO.
Hapag-Lloyd Supervisory Board Elects New Chairman
Dr Michael Frenzel, Chairman of the Executive Board of TUI AG, resigned from his position in the Hapag-Lloyd Supervisory Board as planned. Dr Jürgen Weber, formerly Executive Board Chairman at Lufthansa, has been newly elected to the Supervisory Board as his replacement and was subsequently appointed the new Supervisory Board Chairman. Dr Weber is already familiar with Hapag-Lloyd, having been a member of the Supervisory Board from 1992 to 1998. At that time Lufthansa still held a participating interest in Hapag-Lloyd.
Hap-Lloyd Supervisory Board Support for Scheme
The Hap-Lloyd Supervisory Board has studied the restructuring proposals submitted by Roland Berger and will give these its sustained support. The Report confirms that Hapag-Lloyd is involved in a long-term attractive growth market and is well positioned. An integral part of the restructuring is the financial plan. The Board Members are in advanced, constructive discussions on its implementation.
Hapag-Lloyd Executive Board Appointments
Peter Ganz and Roland Kirch are to be appointed to the Hapag-Lloyd executive board. Peter Ganz is to be appointed by the Hapag-Lloyd supervisory board at its next meeting to the executive board of Hapag-Lloyd AG as chief financial officer. After studying business administration, Ganz began his career in 1994 in the Finance Department of TUI AG. In 2000, he took over the responsibility of TUI’s Group Treasury. In September 2007, he was appointed as Director Corporate Finance. He was significantly involved in the disposal process of Hapag-Lloyd AG to the Hamburg Consortium. Roland Kirch, Chief Representative (Generalbevollmächtigter) of Hapag-Lloyd AG…
