HAMBURG TO BID FOR HAPAG-LLOYD
The state of Hamburg has joined a consortium to bid for Hapag-Lloyd, state finance minister Michael Freytag said in a press conference earlier today.
The city is keen to ensure that the company remains within Hamburg, and to prevent potential job losses. While Freytag did not say exactly how much the state would be prepared to spend, he said the figure would be in the hundreds of millions, rather than billions.
The majority of the investment will come from other investors in the consortium.
John Fredriksen, a board member at parent company TUI, who opposes the sale of Hpag-Lloyd, has upped his bid for shares in the company owned by Alexei Mordaschow, the prime mover behind the sale.
However, a spokesman for Mordaschow said that he had no interest in selling.