March 17 - Hapag-Lloyd and UASC have mutually agreed to shift the date of their Business Combination Agreement (BCA) until May 31, 2017 having originally envisaged the transaction would close by March 31, 2017.
The two lines stated that 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.
An official statement indicated that the final preparations for the closing are taking more time than expected, but stressed that the transaction itself is not at any risk.
Furthermore, it also stressed that start of THE Alliance is not affected and will start its operation as of April 1, 2017 including all vessels as planned.
