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Tui mulls loan to salvage the sale

Tui mulls loan to salvage the sale
German tourism giant Tui, still the owner of Hapag-Lloyd, may step in to rescue the sale of the container carrier with a loan.

German tourism giant Tui, still the owner of Hapag-Lloyd, may step in to rescue the sale of the container carrier with a loan.

German tourism giant Tui, still the owner of Hapag-Lloyd, may step in to rescue the sale of the container carrier with a loan.

?We are thinking about getting involved in the financing of Hapag-Lloyd beyond our contractual commitments,? a Tui spokesperson confirmed.

?With it, we want to ensure the liquidity of Hapag-Lloyd after the closing of the deal,? he added.

Any financial help would be granted under terms, which are standard in the market.

The Hamburg-based Albert Ballin consortium, which is in the process of buying Hapag-Lloyd, had been seeking to renegotiate the deal as the financial and shipping crisis is pressing on the value of Hapag-Lloyd, Germany"s largest container carrier.

The consortium has to pay a price of ?1.4bn. Tui continues to be a shareholder in Hapag-Lloyd with a stake of ?700m. In addition, debt of ?2.4bn was transferred to Hapag-Lloyd. shareholders of Albert Ballin are Kühne+Nagel"s Klaus-Michael Kühne, the city state of Hamburg, private bank MM Warburg and insurers Signal-Iduna and HanseMerkur.

Tui declined to comment on a newspaper report, which said that a loan with a volume of ?1bn is in discussion.

www.TurkishMaritime.com.tr

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