Hamburg: Tui has received as many as six or seven bids for its containerline, Hapag-Lloyd, according to the Financial Times. The bids range in price from 3bn euros to more than 4bn euros the newspaper reported.
For Tui the news is mixed. It probably did not anticipate so many bids, with speculation centring on just two serious bids from Singapore's Neptune Orient Lines and a combined bid from the local government in Hamburg with assorted businessman from the port city. However, Tui will be disappointed with the bid figures as it had anticipated its boxline fetching between 4bn and 5bn euros.
Singapore's Neptune Orient Lines confirmed on Tuesday it submitted an indicative non-binding bid for Hapag-Lloyd to create the world's third-largest container shipping company.
A consortium of bidders that includes the city of Hamburg, Kuehne & Nagel chairman Klaus-Michael Kuehne, MM Warburg co-owner Christian Olearius and former Hamburg city finance senator Wolfgang Peiner also said it submitted an offer. Neither party said how much it is offering for the unit. [23/7/08]
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