A BINDING agreement is in
place for a 2015 flotation as part of a stock market listing of Germany's
Hapag-Lloyd, once it takes over the container shipping business of Chile's
CSAV, according to key shareholder Tui, the German travel giant.
"The shareholders of Hapag-Lloyd have come to a binding agreement to float the newly formed company in the stock market in 2015," Tui said in its quarterly report.
The timing of the listing depends on the conditions of both the shipping and capital markets.
TUI, which owns 22 per cent of the German carrier, said: "On April 16, Hapag-Lloyd and its Chilean competitor CSAV signed a business combination agreement, initiating a merger between the two shipping lines.
"The rights of the Tui shareholders have been optimally secured in this context. Final exit from container shipping is thus drawing closer for Tui," the company said.
When they announced the merger, the two companies said there would be an initial capital raising of EUR370 million (US$508 million), to which CSAV must subscribe EUR259 million within 100 days of conclusion of the transaction, giving CSAV a 34 per cent share.
A further EUR370 million will be raised within a year as part of a listing of Hapag-Lloyd, said Lloyd's List. The merger of Hapag-Lloyd and CSAV remains subject to the approval of the Senate of Hamburg and regulatory authorities.
"The shareholders of Hapag-Lloyd have come to a binding agreement to float the newly formed company in the stock market in 2015," Tui said in its quarterly report.
The timing of the listing depends on the conditions of both the shipping and capital markets.
TUI, which owns 22 per cent of the German carrier, said: "On April 16, Hapag-Lloyd and its Chilean competitor CSAV signed a business combination agreement, initiating a merger between the two shipping lines.
"The rights of the Tui shareholders have been optimally secured in this context. Final exit from container shipping is thus drawing closer for Tui," the company said.
When they announced the merger, the two companies said there would be an initial capital raising of EUR370 million (US$508 million), to which CSAV must subscribe EUR259 million within 100 days of conclusion of the transaction, giving CSAV a 34 per cent share.
A further EUR370 million will be raised within a year as part of a listing of Hapag-Lloyd, said Lloyd's List. The merger of Hapag-Lloyd and CSAV remains subject to the approval of the Senate of Hamburg and regulatory authorities.
Source : HKSG.
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