Hamburg investor group, NOL bid for Hapag-Lloyd

Hamburg investor group, NOL bid for Hapag-Lloyd

Related News •   NOL, Hamburg consortium vie for Hapag-Lloyd •   NOL, Hamburg consortium only bidders left for Hapag-Lloyd •   Hapag-Lloyd bids expected this week, Widdows says chance of sale at 50% •   Could Germany investment rules affect NOL purchase of Hapag-Lloyd? •   Potential knock-on effect of NOL-Hapag merger

   Neptune Orient Lines Ltd. and a Hamburg-based group investors have reportedly submitted binding offers to acquire container carrier Hapag-Lloyd from TUI AG, the German tourism company.
   Reuters quoted Christian Olearius, a partner at the investment bank M.M. Warburg, as saying the bid had been made Sept. 26 by a consortium of German investors that includes Klaus-Michael Kuehne, head of Swiss logistics company Kuehne + Nagel; the city of Hamburg; the bank HSH Nordbank; and insurance companies Signal Iduna and Hanse Merkur.
   NOL, parent of container carrier APL, today confirmed it submitted a binding bid on Sept. 26 to acquire the Hapag-Lloyd container shipping business.
   The investor group and NOL advanced as finalists in August, after both submitted preliminary bids for Hapag-Lloyd.
   In August, TUI said “completion of the bidding process is expected for the autumn at the earliest,” and Reuters quoted a TUI spokesman as saying the company would probably make a decision in the middle of October on the proposed sale.