NOL chief promotes Hapag takeover

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NOL chief promotes Hapag takeover

NOL chief claims Hapag-Lloyd employees would benefit from a NOL takeover, following protests in Germany over the possible deal

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German shipping group Hapag-Lloyd would benefit from a takeover by Singapore's Neptune Orient Lines (NOL), NOL chief executive Ron Widdows has told The Financial Times.

Mr Widdow’s comments follow protests by some 300 Hapag-Lloyd workers in Germany yesterday against a possible takeover by Singapore's NOL, over concerns about possible job cuts should the deal go through.

Hapag-Lloyd owner TUI previously said it still prefers a sale of Hapag-Lloyd to a possible merger with a rival or a sale to an investor, according to the news wires.

However,  recent media reports suggest the company may drop plans to sell Hapag-Lloyd if offers are below euro4bn.

Some analysts believe it is unlikely a potential buyer will offer more than that figure, as companies around the world are hit by the global financial market crisis and low freight rates.

NOL and a Hamburg, Germany-based consortium remain the only potential bidders for TUI's container shipping unit, according to the Financial Times.
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