ITF Unions in Maersk
Unions closely following Hapag-Lloyd
5 August 2008
Maersk keeping tight-lipped over any bid
Trade unionists are keenly following the situation surrounding the sale of Hapag-Lloyd. Maersk has refused to confirm or deny whether it has joined the race for acquisition of the German container business from TUI.
Officials at German ITF affiliate Verdi say they are keeping in close contact with their members as the story unfolds.
But there are concerns over jobs, especially as the global economy is slowing down. And with the recent heavy job cuts at Maersk, trade unionists are worried the Danish giant might swing the axe at Hapag-Lloyd too if it gets its hands on the business. This is especially so as the world economy is tightening.
Maersk is keeping tight-lipped as to whether it has or will bid, but a spokesman says a consolidation of liner shipping would be good.
Neptune Orient Lines (NOL) has confirmed that it has submitted an indicative, non-binding, offer to acquire Hapag-Lloyd. If the transaction were to be completed, the integration of NOL's container shipping business, APL, with Hapag-Lloyd would create the world's third-largest container carrier.
According to the Financial Times Deutschland, TUI has received six or seven bids for Hapag-Lloyd, ranging from EUR 3 billion to more than EUR 4 billion.
Any transaction would be subject to due diligence, acceptance of final bid and NOL shareholder approvals, as well as regulatory approvals.
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