Hapag-Lloyd co-owner seeks parity in merger with Hamburg-Sued - report.
M2 EQUITYBITES-March 8, 2013-Hapag-Lloyd co-owner seeks parity in merger with Hamburg-Sued - report(C)2013 M2 COMMUNICATIONS http://www.m2.com
8 March 2013 - Klaus-Michael Kuehne, co-owner of Hapag-Lloyd AG, wishes that the company and fellow German container shipping firm Hamburg-Sued merge as equals, the businessman told local daily Die Welt in an interview published today.
Kuehne wants the Albert-Ballin consortium led by him and Hamburg-Sued's Oetker family to have equal control following the planned tie-up before the combined entity is listed, supposedly two to three years after the transaction. However, the Oetker family would first need to agree to an IPO in the medium term.
After the floating of shares, Oetker is likely to have a stake of about 40%, while Kuehne would have a blocking minority of 25% or slightly less, he said.
In the event that Hamburg-Sued's shareholders refuse to agree to such a plan, Kuehne would seek to list Hapag-Lloyd, the businessman added.
The two companies announced they were discussing a merger in December.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Mar 8, 2013|
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