K+N may get involved in bid for Hapag Lloyd

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

18 Mar 2008

Sources apparently familiar with TUI's shipping business say that a bank-led investor group, which includes a majority owner of Kuehne & Nagel, is mulling a bid to take it over.The source told agencies no offer has been made, adding that Klaus-Michael Kuehne, who controls Swiss logistics company Kuehne + Nagel could participate.A TUI spokesman said the company would consider strategic options for the group at a supervisory board meeting today, and declined to provide further details.Hapag-Lloyd, the flagship of TUI’s shipping division, is valued at around US$6.6 billion-$7.2 billion with 140 container ships. It acquired CP Ships in 2005 but has struggled to digest the Canadian carrier ever since.