April 21 - Hapag-Lloyd has confirmed that it is currently discussing forms of cooperation with United Arab Shipping Company (UASC), including a potential combination of the two parties' mutual container shipping operations.

In case of a business combination, said Hapag-Lloyd, the parties are basing their discussions on a relative valuation of Hapag-Lloyd at 72 percent and UASC at 28 percent, all of which is subject to a mutually satisfactory completion of the negotiations and the mutual due diligence exercise.

To date, the discussions conducted between the two carriers have not resulted in any binding agreement and no assurance can be given that these discussions will lead to a definitive agreement, concluded Hapag-Lloyd.