June 29 - Hapag-Lloyd's supervisory board has approved the merger of the German container line with United Arab Shipping Company (UASC).

The two lines reached an agreement on the terms and conditions of the business combination agreement (BCA), which will see Hapag-Lloyd acquire all the shares in UASC.

The transaction is still subject to the approval of Hapag-Lloyd's anchor shareholders and UASC's shareholders. An extraordinary general meeting of UASC will be held to grant such consent today, June 29, in Dubai.