Hapag-Lloyd, the world"s fifth largest container carrier, will get approximately $1 billion in financial support from its owners as it seeks additional aid from the German government and lenders.
Hapag-Lloyd, the world"s fifth largest container carrier, will get approximately $1 billion in financial support from its owners as it seeks additional aid from the German government and lenders.
The shareholders are said to have agreed in principle to provide approximately $1 billion to the carrier, which means TUI, which has a 43 percent stake, would contribute $455 million.
The Hamburg-based Albert Ballin consortium which owns 57 percent, would provide $545 million.
TUI"s supervisory board said July 10 that it would provide pro rata financial support for Hapag-Lloyd. The tourism company"s board did not give any further details after meeting in Hanover to discuss Hapag-Lloyd"s reported request for up $2.4 billion in capital from its shareholders and loans from banks.
TUI lent around $1.35 billion to Hapag-Lloyd when it sold Germany"s biggest container line to Albert Ballin for $6 billion earlier in the year. TUI said it would shortly discuss details of the aid with the Albert Ballin investors and take a decision at the next meeting of its supervisory board in early August.
Hapag-Lloyd, the world"s fifth largest carrier, is said also to be seeking loans of $420 million from the German state development bank KfW and an additional $980 million in government-guaranteed loans.
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