BERLIN, June 29 (Reuters) – United Arab Shipping Company (UASC) mentioned its six shareholding states backed a merger cope with German container transport line Hapag-Lloyd AG at a gathering on Wednesday.

UASC, majority-held by the federal government of Qatar, mentioned in a press release that “…all six of UASC’s shareholding states voted unanimously to approve the proposed merger with Hapag-Lloyd AG (Hapag-Lloyd) with a relative valuation of the two businesses at 72 percent for Hapag-Lloyd’s shareholders and 28 percent for UASC’s shareholders.”

“Several legal and administrative tasks need to be completed before the binding agreement can be formally signed,” it added. (Writing by Paul Carrel; Editing by Alexander Smith)

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