Independent journal on economy and transport policy
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TUI will yield 11.33% of Hapag-Lloyd to the Albert Ballin consortium
The participation of the German tourist group will come down to 38.4%
March 4, 2011
Tourist group German TUI will yield 11.33% of the capital stock of the shipowning company Hapag-Lloyd, of which currently it stops 49.88%, to the Albert Ballin consortium. This last one, that it possesses remaining 50.12% of the capital of the shipowning company, is participated with 40.67% from the administration of the city of Amburgo, with 26.55% from Holding Kühne, 12.61% from Signal Iduna, 8.4% from HSH Nordbank, 8.4% from M.M. Warburg Bank and with 3.36% from Hansemerkur.
According to the forecasts the transaction, that it has a value of 315 million euros, will be capacity to term the next May and will involve therefore the reduction of the participation of TUI in Hapag-Lloyd that will come down to 38.4% of the capital stock, quota representative a total investment of the value of 1,71 billion euros of which 1,18 billion euros in actions and 530 million euros as a hybrid loan.
The share quota 11.33% that will be sold by TUI is constituted by the conversion in actions of the hybrid loan (Hybrid I) of the value of 350 million euros realized within the turn of the year slid, on which the consortium it has exercised an option right, as established from the agreement for the refinancing of tight Hapag-Lloyd last September ( on 23 September 2010). If of the realization of an initial public offer for the quotation Hapag-Lloyd on the securities market, the purchase price of the quota 11.33% of TUI paid from the consortium is increased of an ulterior sum until 35 million euros on the base of the satisfaction of determined conditions.
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Tourist group German TUI will yield 11.33% of the capital stock of the shipowning company Hapag-Lloyd, of which currently it stops 49.88%, to the Albert Ballin consortium. This last one, that it possesses remaining 50.12% of the capital of the shipowning company, is participated with 40.67% from the administration of the city of Amburgo, with 26.55% from Holding Kühne, 12.61% from Signal Iduna, 8.4% from HSH Nordbank, 8.4% from M.M. Warburg Bank and with 3.36% from Hansemerkur.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
