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|  | | Hamburg Sud turns down chance to bid for Hapag Lloyd |
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¡¡¡¡Hamburg Sud has declined to bid for its competitor, the TUI Group¡¯s Hapag-Lloyd container shipping division.
¡¡¡¡¡°We are not interested in making a bid,¡± said Hamburg Sud CEO August Oetker in an interview at the CIES World Food Business Summit in Munich. ¡°Hapag is no necessary addition to our business.¡±
¡¡¡¡TUI is selling Hapag-Lloyd after investor pressure was exerted earlier this year to divest the company of its container shipping division. Hanover-based TUI expects the Hapag Lloyd profit to reach USD788 million on USD9.7 billion in revenue, up 20% year on year.Hamburg-Sud, Germany¡¯s number two container line, makes half as much.
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