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Preussag ties up loose ends from Hapag-Lloyd purchase
Travel giant Preussag has announced that it plans to buy the remaining shares in Hapag-Lloyd from the minority shareholders.
The purchase of the remaining 11,000 shares will complete its 1998 acquisition of the majority stake in the company. After acquiring a 99.1% holding in the equity from major shareholders, this was later increased to 99.6% following a purchase offer to the remaining shareholders and the subsequent integration of VTG-Lehnkering.
Preussag executive board chairman Michael Frenzel said: “This purely technical procedure does not reflect any change in our strategy of holding the Hapag-Lloyd AG logistics group within the Group. It is just the logical conclusion of the complete takeover of Hapag-Lloyd planned in 1998.”
Preussag says the move will allow it to save on administration costs.
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