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Hapag sale now at risk for lack of credit: report
2009/2/25
THE Hamburg-based investors group called Albert Ballin that agreed to buy Hapag Lloyd container shipping line can''t get the needed credit to finance the takeover, reports Dusseldorf''s business daily, Handelsblatt.
Stock in TUI AG, the German travel giant, that is to sell its Hapag-Lloyd shipping line, fell to its lowest in 16 years this week in Frankfurt trading after the newspaper reported that the sale price for the unit may be cut.
Bloomberg reported that TUI spokesman Robin Zimmermann declined to comment on the report, except to say: "We stand by our commitments."
Earlier, this month, TUI said it expected the sale to be closed by the end of March. The Hamburg investors group, which agreed to pay EUR4.45 billion (US$5.8 billion) for Hapag-Lloyd, includes German billionaire Klaus Michael Kuehne and MM Warburg & Co, and Inge Lauble, who represents Kuehne''s logistics company Kuehne & Nagel International AG.
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2009/2/26