AFP

Temasek among bidders for German shipping group Hapag Lloyd: report

Wed Jul 23, 3:37 AM

FRANKFURT (AFP) - The German tourism and shipping group TUI has received six or seven offers for its container shipping unit Hapag Lloyd, including one from the Singapore sovereign wealth fund Temasek, a press report said Wednesday.

The offers range from three to four billion euros (4.7 to 6.3 billion dollars), according to the Financial Times Deutschland, which did not identify its sources.

TUI would select the best offers within three weeks and invite those bidders to examine Hapag Lloyd's accounts, the newspaper said.

Temasek had already publicly express interest in the company via Neptune Orient Lines, but Germany is preparing to adopt a law aimed at protecting strategic industries from such state-owned investment funds.

The northern German city-state of Hamburg, where Hapag Lloyd is based, has hooked up with a consortium of investors to buy the shipping company and keep it from coming under a foreign flag.

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