Wednesday, April 1, 2009

The honeymoon is over at Hapag-Lloyd

Back in Feb. 2009 this is what I said about the sale of Hapag-Lloyd

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.

Well, it appears the honeymoon was short lived, which would be expected given the nature of this marriage.

THE new majority owner of German container line Hapag-Lloyd, the Albert Ballin consortium, has entered into a massive internal row over the purchase price and the extent of cuts necessary to survive the financial crisis.

The argument is being fought out in public interviews and statements.

Klaus-Michael Kühne, the second largest shareholder of Albert Ballin, openly criticised the other members for not having reacted to his call for cuts at Hapag-Lloyd. Mr Kühne said that the purchase price for Hapag-Lloyd had been too high and that chances to renegotiate a lower price with Tui had not been taken up.

click here for Lloyds List article

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