Final preparations on track for closing during next weeks / Transaction not at risk / Start of THE Alliance not affected
Hapag-Lloyd and UASC have mutually agreed to shift the Long-Stop Date under the Business Combination Agreement (BCA) until 31 May 2017 and have amended the BCA accordingly.
The merger companies had originally envisaged to close the transaction by 31 March 2017 but now expect closing to take place in the weeks thereafter.
Container ship Chicago Express - Image courtesy of Hapag - Lloyd
All merger clearances and authority approvals, as well as all necessary banking approvals from Hapag-Lloyd AG’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.
The final preparations for the closing take more time than expected. The transaction itself is not at any risk.
Irrespective of the actual closing date THE Alliance will start its operation as of 1 April 2017 including all vessels as planned. The first time consolidation of UASC into Hapag-Lloyd will take place as of closing.
Source: Hapag-Lloyd