Oetker shipping line won't bid for Hapag-Lloyd
Germany's Oetker group has no plans to bid for TUI's Hapag-Lloyd container shipping business, it said on Tuesday. A purchase of the world's fifth-biggest container shipping business is "not an issue", managing director August Oetker told reporters.
"This is not a priority for us." Oetker's Hamburg-Sued shipping line boosted sales in its last fiscal year by 12.4 percent to nearly 3.6 billion euros ($5.58 billion) and has room to grow organically, he said. TUI's plans to sell Hapag-Lloyd have triggered a campaign to keep the business in the northern German city of Hamburg, but Oetker dismissed speculation his group could join the effort.
"When one hears the purchase price is supposed to be between 3 billion and 5 billion euros then one asks, for what?" he asked.