Most of the Euro330m will come from a special-purpose consortium which will take over Hapag-Lloyd’s 25.1% share in Hamburg’s Container-Terminal Altenwerder (CTA) for a purchase price of Euro315m with Hapag-Lloyd entitled to repurchase its share as soon as the economic situation permits.
German tourism group TUI owns 43% of Hapag-Lloyd, will provide Euro215m of the price for the container terminal. Of the other members of the Albert Ballin consortium that owns the remaining 57% of CTA, only the Hamburg’s state government and insurance group Signal Iduna have agreed to take equity in the transaction with a third shareholder, HSH Nordbank providing a Euro15m loan.
The decision by most of the Albert Ballin consortium not to participate in the deal underlines the divisions that have opened up since the group took its stake in the container line in March.
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