Tourism group Tui, the largest single shareholder of German container line Hapag-Lloyd, has received the green light from its supervisory board to provide financial aid to help the carrier.
Tui’s help would be proportionate to its stake in Hapag-Lloyd, sources said. The Hanover-based tourism group owns 43.3% of Hapag-Lloyd.
However, Tui’s help would depend on a proportional contribution from the Albert Ballin consortium.
The decision of the supervisory board does not necessarily mean that Tui will participate in a capital increase for Hapag-Lloyd, Tui spokesman Robin Zimmermann said.
“There are several ways for Tui to participate in helping Hapag-Lloyd,” he added. He declined to give further details.
As an alternate way of supporting Hapag-Lloyd, Tui could also swap part of the loans it gave to Hapag-Lloyd into equity, shipping sources said.
Hapag-Lloyd needs fresh funding of around €1.8bn ($2.5bn), according to a scenario discussed by shareholders this week.
It is understood that shareholders could come up with about €750m, split proportionally between Tui and the Albert Ballin consortium. The remaining amount could come from government aid.
Tui’s help would be proportionate to its stake in Hapag-Lloyd, sources said. The Hanover-based tourism group owns 43.3% of Hapag-Lloyd.
However, Tui’s help would depend on a proportional contribution from the Albert Ballin consortium.
The decision of the supervisory board does not necessarily mean that Tui will participate in a capital increase for Hapag-Lloyd, Tui spokesman Robin Zimmermann said.
“There are several ways for Tui to participate in helping Hapag-Lloyd,” he added. He declined to give further details.
As an alternate way of supporting Hapag-Lloyd, Tui could also swap part of the loans it gave to Hapag-Lloyd into equity, shipping sources said.
Hapag-Lloyd needs fresh funding of around €1.8bn ($2.5bn), according to a scenario discussed by shareholders this week.
It is understood that shareholders could come up with about €750m, split proportionally between Tui and the Albert Ballin consortium. The remaining amount could come from government aid.