Hapag-Lloyd/UASC merger held up
Banking approvals still needed for boxship tie-up, but deal not at risk.
Hapag-Lloyd has said the finalisation of its merger with UASC will take a little longer than originally thought.
Both companies have extended the "long-stop date" from 31 March to 31 May.
They expect to close the combination in the weeks after the first date.
"All merger clearances and authority approvals as well as all necessary banking approvals from Hapag-Lloyd's side and substantially all banking approvals from UASC’s side have been obtained and the merger parties are arranging the final documentation for a closing of the business combination," Hapag said.
The transaction itself is not at any risk, it added.
The closing date will not affect the start of operations for the new THE Alliance boxship group from 1 April.
In November, the companies won approval for their merger from the European Commission, provided that UASC withdraws from North American and European liner services.
The transaction, which was announced last July, creates the fifth largest container shipping line in the world.
