FRANKFURT: German container shipping giant Hapag-Lloyd announced Monday it is teaming up with United Arab Shipping Co. to become one of the world’s top five shipping companies as consolidation in the sector continues apace.
“Hapag-Lloyd AG and United Arab Shipping Co. (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.
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