FRANKFURT: German container shipping giant Hapag-Lloyd said on Monday it had signed a merger deal with the United Arab Shipping Company to create the world´s fifth-largest container firm.
"Hapag-Lloyd AG and United Arab Shipping Company (UASC) have signed a Business Combination Agreement to merge both companies, subject to the necessary regulatory and contractual approvals," the firm said in a statement.
No financial details were disclosed. "This strategic merger makes a lot of sense for both carriers -- as we are able to combine UASC´s emerging global presence and young and highly efficient fleet with Hapag-Lloyd´s broad, diversified market coverage and strong customer base," said the German firm´s chief executive Habben Jansen.
This undated file photo shows processed gold bars. — AFP/FileKARACHI: Gold prices fell by Rs2,000 per tola on Friday...
A Russian Ruble coin seen in this image.— AFP/FileMOSCOW: Prices have been rising quickly across the Russian economy...
US President Donald Trump holds a signed executive order in the Oval Office of the White House, in Washington, US,...
A general view of the steel plant of ThyssenKrupp in Duisburg, Germany, November 24, 2023. — ReutersBERLIN: Germany...
People walk in Lahore in this image. — AFP/FileLAHORE: Improving social well-being in Pakistan requires...
A man wearing a protective face mask is reflected on a stock quotation board at a brokerage, amid the coronavirus...
