Wednesday, December 8, 2010

Hapag-Lloyd plans to sell stock

Hapag-Lloyd has contacted some investment banks, with the idea to do an IPO (Initial Public Offering) to sell stock.

At the moment it is owned by TUI (which is involved primarily in group travel), and after the financial problems last year, Klaus-Michael Kuehne, the principal of Kuehne & Nagel, took a major financial stake in Hapag-Lloyd, as part of an investor group.

From The Journal of Commerce

TUI has repeatedly said it wants to dispose of its stake in Hapag-Lloyd to focus on tourism. The company, based in Hanover, Germany, hasn’t been able to find a buyer. The increase of its stake is the result of the conversion of a hybrid loan for Hapag-Lloyd into equity, according to the company’s statement in September.

A spokesman for TUI didn’t immediately respond to a phone call seeking comment.

A Hamburg-based investor group, including German billionaire Klaus Michael Keuhne, M.M. Warburg, HSH Nordbank and Hamburg’s state government, bought a majority stake in Hapag-Lloyd.

click here for link to article

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