NOL’s indicative, non-binding bid may or may not lead to a definitive transaction. According to Financial Times Deutschland, TUI AG has received six or seven bids for Hapag-Lloyd, ranging from €3bn to more than €4bn.
Any transaction agreement would be subject to due diligence, acceptance of final bid and NOL shareholder approvals, as well as regulatory approvals. Regulatory approvals might just present a problem. The Hamburg state government has already announced that it would put up a “three-digit million euro” sum towards retaining German ownership of Hapag-Lloyd.