Hamburg consortium trumps NOL's offer for Hapag-Lloyd

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Sep 2008

A group of Hamburg-based investors has offered more for TUI's Hapag-Lloyd container shipping unit than Neptune Orient Lines (NOL), the Financial Times Deutschland reported, without saying where it obtained the information. NOL from Singapore has bid 3.5 billion euros ($5.02 billion) for Hapag-Lloyd, while the group of Hamburg investors offered just over 4 billion euros, the paper said.
The bids include as much as 2 billion euros in debt, Financial Times Deutschland reported.
Sources close to the deal last week told Seatrade Asia Online that TUI would not offload its container unit for less than 4 billion euros, suggesting that if the FT's sources are correct, NOL is out of the race.

Source: SeatradeAsia Online