PREUSSAG GROUP TO BUY LAST 0.4% STAKE IN HAPAG-LLOYD
Preussag, the German industrial conglomerate that took over Hapag-Lloyd AG in 1998, said that it plans to acquire the last 11,000 shares still held by minority shareholders in its subsidiary.
After acquiring a 99.1-percent holding in Hapag-Lloyd from major shareholders in 1998, Preussag subsequently increased its stake to 99.6 percent.
“The acquisition of the remaining shares now planned will take place as a squeeze out of the minority shareholders in return for an appropriate cash reimbursement,” the German group said.
Michael Frenzel, executive board chairman of Preussag, said that this “purely technical procedure” is the logical conclusion of the complete takeover of Hapag-Lloyd planned in 1998.
Preussag expects the share purchase to result in lower administrative overheads because it will no longer be necessary to look after the minority shareholders.