Financial Times, 10 Oct 2008, Gerrit Wiesmann
A consortium from Hamburg looks set to acquire Hapag-Lloyd after Singapore’s Neptune Orient Lines dropped out of the auction to buy the Tui-owned shipping unit.
NOL, controlled by Singapore sovereign fund Temasek, on Friday said it was pulling out of the bidding, leaving the consortium from Hapag-Lloyd’s home town as the sole bidder.
A person close to the process said that investors led by financier Christain Olearius, head of Hamburg-based bank MM Warburg, logistics entrepreneur Klaus-Michael Kühne, and the city council had bid about €4bn ($5.3bn) to keep the container shipping company German.
Ron Widdows, NOL chief executive, said the company would “now put all its energy into managing through the current container shipping down cycle”.
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