Michael Frenzel News

Dr Michael Frenzel, Chairman of the Executive Board of TUI AG, resigned from his position in the Hapag-Lloyd Supervisory Board as planned.   Dr Jürgen Weber, formerly Executive Board Chairman at Lufthansa, has been newly elected to the Supervisory Board as his replacement and was subsequently appointed the new Supervisory Board Chairman.   Dr Weber is already familiar with Hapag-Lloyd, having been a member of the Supervisory Board from 1992 to 1998. At that time Lufthansa still held a participating interest in Hapag-Lloyd.

Roland Kirch, 38, member of the Executive Board of Hapag-Lloyd AG and responsible for the department Development and Markets and Works Director, left the company at his own request on June 30, 2010. Kirch was active in various areas from 2004 and was appointed to the Executive Board in April 2009. “Roland Kirch contributed to making Hapag-Lloyd a future-oriented company. The supervisory board thanks him for his successful work. We regret Mr Kirch’s decision,” commented Dr. Michael Frenzel, supervisory board chairman of Hapag-Lloyd AG. The duties of Mr Kirch will initially be assumed by the other members of the Executive Board.

The Hanover Express, which is capable of carrying 8,750 containers, is one of the world’s largest containerships. The newbuilding was recently named in Hamburg. The patron was Gabriele Frenzel, wife of TUI’s CEO and chairman of the supervisory board of Hapag-Lloyd, Dr. Michael Frenzel. Naming ceremonies for large containerships are still something special even in Hamburg, and nearly 300 guests from business and politics – including the Mayor of Hamburg Ole von Beust and the Mayor of Hanover Bernd Strauch – attended the event at Container Terminal Altenwerder, at the quays of which the Hanover Express had berthed. Hapag-Lloyd’s latest newbuilding was named by Gabriele Frenzel. The new ship sailing under German flag can carry 8,750 standard containers.

H.H. Meier on February 20, 1857. Since its merger with Hapag in 1970, it has been part of Hapag-Lloyd, which is today among the top 5 in global container shipping. “North German Lloyd was an institution. line at the festive event in the Bremen town hall. key role in the early days of aviation. The legendary Lloyd founder H.H. also a vital figure in the establishment of Bremer Bank. emigrants with modern steamers rapidly and reliably to New York. hope of a better life. Bremen and Lloyd. the politics of the Senate. between a shipping line and its region. is no exaggeration to say that Lloyd was Bremen. Hapag-Lloyd AG in 1970. “It was a wise move. success,” pointed out Dr. AG and supervisory board chairman of Hapag-Lloyd AG, in his festive address.

The CP Ships Limited Board of Directors has unanimously recommended that shareholders accept an offer from TUI AG to acquire CP Ships in an all-cash transaction for US $21.50 per share or about $2 billion on a fully diluted basis. Including the assumption of net debt of $0.3 billion at 30th June 2005, the transaction has a total value of $2.3 billion. The offer price represents a premium of about 28% over CP Ships average closing share price over the past three months. TUI, the parent of Hapag-Lloyd, plans to combine Hapag-Lloyd and CP Ships to create the world's fifth-largest container shipping company with a fleet of 139 ships (and a further 17 on order) for a capacity of approximately 400,000 teu on over 100 routes spanning the globe.