The parent company TUI is bound and determined to get rid of Hapag-Lloyd, even if they have to pull off a shot-gun wedding.
TUI likely will acquire a bigger stake in Hapag-Lloyd than it originally planned in order to finalize the sale of the world’s fifth-largest ocean carrier.
The German tourism group bought back a 33.3 percent stake in Hapag-Lloyd after agreeing to sell the carrier to the Hamburg-based Albert Ballin investor group for 4.45 billion euros ($5.7 billion) in October.
TUI spokesman, said the price would not be renegotiated.
TUI continues to talk with the Albert Ballin consortium about the size and conditions of a loan it has offered to Hapag-Lloyd after the sale to ensure the carrier’s liquidity during the downturn in the container market. After the deal closes, Hapag-Lloyd will hold loans totaling around 2 billion euros ($2.6 billion), including 1.3 billion euros transferred from TUI.
TUI is prepared to lend Hapag-Lloyd an additional 1billion euros, according to reports in Germany.
Despite the latest hitches, TUI said it is confident the deal will close before the release of its full-year earnings on March 25.
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