Hamburg group to buy Hapag as NOL quits

10/14/2008 9:39:34 AM

Singapore's Neptune Orient Lines (NOL) has dropped out of the race to acquire TUI's Hapag-Lloyd container shipping unit, Reuters reported.   This leaves only a group of Hamburg-based investors led by Klaus-Michael Kuehne, head of Swiss logistics company Kuehne & Nagel, and M.M. Warburg partner Christian Olearius as the only remaining bidder for Hapag-Lloyd.   German tourism company TUI said Sunday it would sell Hapag-Lloyd to the consortium for US$6.04 billion, according to an AP report.   TUI's supervisory board came to the decision in a special session in Hanover on Sunday.   "We have, despite the adverse market environment, received a fair price for the container shipping operations," said TUI board chairman Michael Frenzel.   CargonewsAsia

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