Hapag-Lloyd AG, Germany’s largest container line, will recover its 25.1 percent stake in Hamburg Container-Terminal Altenwerder as a condition for winning a government loan guarantee. The stake will be handed back to Hapag from TUI AG, the city state of Hamburg and insurance company Signal Iduna-Gruppe, Daniel Stricker, a spokesman for the Hamburg finance ministry, said by telephone. In exchange, TUI, Hamburg and Signal Iduna, Hapag’s owners, will receive dividends from the Altenwerder stake, Stricker said.
TUI, which holds 43 percent of Hapag, bought the stake along with the three other investors on July 28 and contributed 215 million euros ($306 million) to the 315 million-euro deal to help secure Hapag’s solvency. Hapag is seeking a 1.2 billion-euro government loan guarantee after the recession and a glut of new vessels led to a slump in container shipping and freight rates.
“The federal government stipulated that a return of the Hapag stake in CTA is necessary for the long-term health of the business,” Stricker said. The 315 million euros Hapag gained by selling the stake won’t be repaid back to the investors, he added. He didn’t want to comment on outlook for gaining the loan guarantees.
TUI spokesman Uwe Kattwinkel said that the talks with the government are “on a good path” and declined to comment further.
The Federal Economy Ministry’s spokeswoman Beatrix Brodkorb declined to comment.
Klaus Michael Kuehne agreed to provide funds for the Hapag rescue, Die Welt reported today, citing an interview with the German billionaire. Kuehne is among the Hapag stakeholders that have so far refused to give money. Kuehne’s 15 percent stake in Hapag will rise as private bank M.M. Warburg and HSH Nordbank AG won’t provide funds, Die Welt reported without saying how much money the billionaire will give.
The CTA facility is majority owned by port operator Hamburger Hafen und Logistik AG. TUI has said earlier that Hapag- Lloyd plans to buy back its share of the terminal when the economy recovers.
TUI, which holds 43 percent of Hapag, bought the stake along with the three other investors on July 28 and contributed 215 million euros ($306 million) to the 315 million-euro deal to help secure Hapag’s solvency. Hapag is seeking a 1.2 billion-euro government loan guarantee after the recession and a glut of new vessels led to a slump in container shipping and freight rates.
“The federal government stipulated that a return of the Hapag stake in CTA is necessary for the long-term health of the business,” Stricker said. The 315 million euros Hapag gained by selling the stake won’t be repaid back to the investors, he added. He didn’t want to comment on outlook for gaining the loan guarantees.
TUI spokesman Uwe Kattwinkel said that the talks with the government are “on a good path” and declined to comment further.
The Federal Economy Ministry’s spokeswoman Beatrix Brodkorb declined to comment.
Klaus Michael Kuehne agreed to provide funds for the Hapag rescue, Die Welt reported today, citing an interview with the German billionaire. Kuehne is among the Hapag stakeholders that have so far refused to give money. Kuehne’s 15 percent stake in Hapag will rise as private bank M.M. Warburg and HSH Nordbank AG won’t provide funds, Die Welt reported without saying how much money the billionaire will give.
The CTA facility is majority owned by port operator Hamburger Hafen und Logistik AG. TUI has said earlier that Hapag- Lloyd plans to buy back its share of the terminal when the economy recovers.
