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EU antitrust regulators set to approve Hapag-Lloyd, UASC deal - sources

Published 15/11/2016, 16:53
© Reuters. A company logo of German tour operator Hapag-Lloyd is pictured at its head office in Hamburg
HLAG
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BRUSSELS (Reuters) - EU antitrust regulators are set to clear German container shipping line Hapag-Lloyd's (DE:HLAG) merger with United Arab Shipping Company (UASC) after the latter agreed to withdraw from some vessel sharing agreements, two people familiar with the matter said on Tuesday.

The combined company, valued at about 7 to 8 billion euros ($7.5-$8.6 billion), would be the world's fifth largest shipping company.

The shipping companies offered the concessions last month in a bid to fend of the European Commission's concerns but did not provide details. Kuwait-based UASC is owned by Gulf Arab states with Qatar holding a majority stake.

Commission spokesman Ricardo Cardoso declined to comment.

© Reuters. A company logo of German tour operator Hapag-Lloyd is pictured at its head office in Hamburg

($1 = 0.9321 euros)

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