Hapag-Lloyd in merger talks with United Arab Shipping | The National:
"The German shipper Hapag-Lloyd is in merger talks with United Arab Shipping Company (UASC), which is based in Kuwait, as shipping lines consolidate amid a drop in freight rates.
Hapag-Lloyd’s shares surged 16 per cent to €19 in late afternoon trading in Frankfurt.
“In case of a business combination, the parties are basing their discussions on a relative valuation of the two businesses at 72 per cent (Hapag Lloyd) and 28 per cent (UASC), subject to a mutually satisfactory completion of the negotiations and the mutual due diligence exercise," the two companies said in a joint statement."
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