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Hamburg consortium trumps NOL's offer for Hapag-Lloyd

Hamburg consortium trumps NOL's offer for Hapag-Lloyd

Hamburg: 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. [30/9/08]