Marine Link
Wednesday, December 13, 2017

Hapag-Lloyd Trims Share Listing Plans

October 14, 2015

Photo: Hapag-Lloyd

Photo: Hapag-Lloyd

Container shipping group Hapag-Lloyd trimmed its initial public offering (IPO) amid wobbly markets on Wednesday, saying it now expected to raise about $300 million from the sale of shares to investors.
 
The group, which gave a 23-29 euros price range for the shares, previously said it aimed to raise $500 million in its stock market flotation to invest in new ships and containers.
 
Hapag-Lloyd joins several German companies that have recently had to curb their capital raising ambitions, like plastics maker Covestro and automotive supplier Schaeffler.
 
Hapag-Lloyd merged with Chilean peer CSAV last year, banking on consolidation to help it cope with the shipping sector's worst slump on record and helping it return to profit in the first half of 2015.
 
Hapag-Lloyd said it plans to offer investors up to 15.72 million shares in its IPO, of which 11.5 million will be new stock from a capital increase.
 
Tourism group TUI is to offer up to 2.3 million existing shares, plus another 1.9 million to cover potential over-allotments, bringing the overall offer volume to as much as $410 million.
 
Europe's largest tourism group TUI holds 13.9 percent in Hapag but has been looking to sell its stake as part of a strategy to focus solely on tourism activities.
 
Part-owner Klaus-Michael Kuehne and Chilean partner CSAV will place orders worth $30 million each, Hapag-Lloyd said.
 
The shares are to start trading on the Frankfurt stock exchange on Oct. 30, with a free float of up to 19 percent, including existing shareholders with small holdings.
 
 
(Reporting by Maria Sheahan; Editing by Andreas Cremer and Elaine Hardcastle)
Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News