Patrick Hagen, Cologne - Tuesday 3 February 2009
GERMAN tourism giant Tui, still the owner of Hapag-Lloyd, may step in to rescue the sale of the container carrier with a loan. “We are thinking about getting involved in the financing of Hapag-Lloyd beyond our contractual commitments,” a Tui spokesperson confirmed. “With it, we want to ensure the liquidity of Hapag-Lloyd after the closing of the deal,” he added. Any financial help would be granted under terms, which are standard in the market. The Hamburg-based Albert Ballin consortium, which is in the process of buying Hapag-Lloyd, had been seeking to renegotiate the deal as the financial and shipping crisis is pressing on the value of Hapag-Lloyd, Germany’s largest container carrier. The consortium has to pay a price of €1.4bn. Tui continues to be a shareholder in Hapag-Lloyd with a stake of €700m. In addition, debt of €2.4bn was transferred to Hapag-Lloyd. shareholders of Albert Ballin are Kühne+Nagel’s Klaus-Michael Kühne, the city state of Hamburg, private bank MM Warburg and insurers Signal-Iduna and HanseMerkur. Tui declined to comment on a newspaper report, which said that a loan with a volume of €1bn is in discussion.
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