Hamburg: The local government in Hamburg has promised to spend big in order to thwart any foreign attempt to buy out Hapag-Lloyd. At a press conference yesterday the local government said the sale by TUI of its box line had reached a "decisive phase" and it might possibly link up with local businessmen to purchase Hapag-Lloyd, the world's fourth largest containerline. Former city finance senator Wolfgang Peiner is part of a consortium alongside Kuehne & Nagel chairman Klaus-Michael Kuehne and MM Warburg co-owner Christian Olearius which is pooling funds to buy Hapag-Lloyd, Thomson Financial says.
NOL of Singapore had widely been seen to be the front runner to take over the German outfit, though this bid is clouded following the shock departure Monday of its ceo Dr Thomas Held. Speculation puts Hapag-Lloyd's price at some US$7bn. [9/7/08]
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