• DATVF.ATLPHL
    1.743
    -0.027
    -1.5%
  • DATVF.CHIATL
    1.978
    -0.165
    -7.7%
  • DATVF.DALLAX
    0.916
    -0.086
    -8.6%
  • DATVF.LAXDAL
    1.446
    -0.049
    -3.3%
  • DATVF.SEALAX
    1.006
    0.021
    2.1%
  • DATVF.PHLCHI
    1.069
    0.000
    0%
  • DATVF.LAXSEA
    2.100
    0.056
    2.7%
  • DATVF.VEU
    1.597
    -0.064
    -3.9%
  • DATVF.VNU
    1.444
    -0.031
    -2.1%
  • DATVF.VSU
    1.181
    -0.068
    -5.4%
  • DATVF.VWU
    1.553
    0.038
    2.5%
  • ITVI.USA
    9,385.190
    -18.330
    -0.2%
  • OTRI.USA
    6.800
    -0.320
    -4.5%
  • OTVI.USA
    9,385.780
    -15.500
    -0.2%
  • TLT.USA
    2.740
    0.000
    0%
  • WAIT.USA
    156.000
    -2.000
    -1.3%
  • DATVF.ATLPHL
    1.743
    -0.027
    -1.5%
  • DATVF.CHIATL
    1.978
    -0.165
    -7.7%
  • DATVF.DALLAX
    0.916
    -0.086
    -8.6%
  • DATVF.LAXDAL
    1.446
    -0.049
    -3.3%
  • DATVF.SEALAX
    1.006
    0.021
    2.1%
  • DATVF.PHLCHI
    1.069
    0.000
    0%
  • DATVF.LAXSEA
    2.100
    0.056
    2.7%
  • DATVF.VEU
    1.597
    -0.064
    -3.9%
  • DATVF.VNU
    1.444
    -0.031
    -2.1%
  • DATVF.VSU
    1.181
    -0.068
    -5.4%
  • DATVF.VWU
    1.553
    0.038
    2.5%
  • ITVI.USA
    9,385.190
    -18.330
    -0.2%
  • OTRI.USA
    6.800
    -0.320
    -4.5%
  • OTVI.USA
    9,385.780
    -15.500
    -0.2%
  • TLT.USA
    2.740
    0.000
    0%
  • WAIT.USA
    156.000
    -2.000
    -1.3%
American Shipper

PREUSSAG GROUP PLANS TO SELL 50% OF HAPAG-LLOYD

PREUSSAG GROUP PLANS TO SELL 50% OF HAPAG-LLOYD

   Preussag AG, the German conglomerate that owns Hapag-Lloyd, said that it plans to sell 50 percent of the shares of its transport and logistics subsidiary.

   The sale is designed partly to finance the '1.8 billion ($2.7 billion) acquisition of the British travel company Thomson Travel by Preussag.

   “Part of the financing package involves our plan to reduce our current stake of 99.6 percent in Hapag-Lloyd to 50.1 percent by placing the shares in question on the stock market,” said Michael Frenzel, chairman of Preussag. “With this new shareholder structure, Hapag-Lloyd will continue on its growth course as the Preussag group’s logistics service company,” he added.

   Preussag said that it aimed to sell shares in Hapag-Lloyd soon, but did not mention a target date.

   The German group denied that it planned to sell off all of Hapag-Lloyd eventually. “Our strategy is to keep the majority (of the shares) and to float the rest,” a spokesman for Preussag told American Shipper.

   Preussag confirmed that it was particularly interested in Hapag-Lloyd’s tourism activities when it acquired the company in September 1997 for about DM2.8 billion ($1.6 billion). However, a Preussag spokesman said that Hapag-Lloyd’s container shipping business remains “a very interesting part” of the group.

   Following the purchase of    the company, Preussag has restructured Hapag-Lloyd by absorbing its tourism division into another part of the group and transferring various logistics activities to Hapag-Lloyd.

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