FRANKFURT, Sept 27 (Reuters) - German container shipping
firm Hapag-Lloyd is unlikely to be able to float the
company on the stock market until 2014, one of its major
shareholders said in a newspaper interview published on
Thursday.
"In the short-term there will be no flotation because the
performance of container shipping firms in general is not too
good," Klaus Michael Kuehne told German business paper
Handelsblatt.
The city of Hamburg holds close to 37 percent of
Hapag-Lloyd, while Kuehne, who also controls Swiss logistics
group Kuehne & Nagel owns just over 28 percent.
A further 22 percent is held by German tourism group TUI AG
, which controls Europe's largest tour operator TUI
Travel and is looking to sell its stake in Hapag-Lloyd,
either via a share offer or a direct sale.
Kuehne said it would make sense to merge Hapag-Lloyd with
rival German shipper Hamburg-Sued, but said that Hamburg-Sued's
owner, the Oetker Group, was not open to mergers.
"But we are talking with other shippers," he added. He said
Singaporean Neptune Orient Lines or other Asian firms
would be compatible, but that they would want a majority stake,
which he was not prepared to give up.
Source: http://news.yahoo.com/hapag-lloyd-owner-says-ipo-not-likely-2014-061020633--sector.html
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