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2008 March 17   14:14

K+N may get involved in bid for Hapag Lloyd

Sources apparently familiar with TUI’s shipping business say that a bank-led investor group, which includes a majority owner of Kuehne & Nagel, is mulling a bid to take it over.
The source told agencies no offer has been made, adding that Klaus-Michael Kuehne, who controls Swiss logistics company Kuehne + Nagel could participate.
A TUI spokesman said the company would consider strategic options for the group at a supervisory board meeting today, and declined to provide further details.
Hapag-Lloyd, the flagship of TUI’s shipping division, is valued at around US$6.6 billion-$7.2 billion with 140 container ships. It acquired CP Ships in 2005 but has struggled to digest the Canadian carrier ever since.

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