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TUI could forward information on Hapag-Lloyd spinoff next week

TUI could forward information on Hapag-Lloyd spinoff next week

Related News
  Hapag-Lloyd restructures executive board

   Press reports say German tourism and shipping conglomerate TUI AG is likely to send information about its Hapag-Lloyd container-shipping subsidiary to potential buyers next week.

   Reuters reports that as many as 10 companies are thought to be potential bidders for Hapag-Lloyd carrier, the world’s fifth-largest container shipping line.

   In March, TUI agreed to divest itself of the unit, after complaints by some shareholders that its results were sub par and that it did not fit well with TUI’s other business, tourism.

   Critics of the company have included the John Fredriksen, the Norwegian shipping tycoon who has recently increased his holding in the company beyond 11.75 percent.

   Potential bidders are though to include the Singapore shipping company Neptune Orient Lines, the parent of APL and a group of German investors that includes the government of Hamburg, the investment bank M.M. Warburg, and Klaus-Michael Kuehne, chairman.

   A report in the German newspaper DVZ Deutsche Logistik-Zeitung also quoted Eivind Kolding, the head of Maersk Line, that he was keeping a close eye on the sale.

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