TUI has sold Hapag-Lloyd in a deal worth €4.45B (US$6B) that keeps the shipping line in German hands. The “Albert Ballin” consortium, led by Klaus-Michael Kühne (who has a 25% stake), Wolfgang Peiner (a former Hamburg senator for finance) and Christian Olearius, a partner of M M Warburg Bank, has thus emerged “victorious,” after Singapore’s Neptune Orient Lines, the early favourite, dropped out of the auction.
Other prominent members of the Alfred Balinn consortium include the City of Hamburg, HSHNordbank, the world’s largest ship finance institute, and insurance companies HanseMerkur and Signal-Iduna....
Read this item in full
This complete item is approximately 500 words in length, and appeared in the October 2008 issue of WorldCargo News, on page 20.
Full-access subscribers only:Click here to download this issue now in PDF format
Click here to buy this issue, and download it now in PDF format
Click here to subscribe online to WorldCargo News now and get immediate access to this issue
Click here for a sample back-issue of WorldCargo News
Read related items
Click on the links below to read other news and features related to this item.
