Hamburg gears up for significant spend on Hapag-Lloyd

Patrick Hagen - Tuesday 8 July 2008

Hamburg finance minister Michael Freytag has said that interest in the Hamburg solution is high. Hamburg finance minister Michael Freytag has said that interest in the Hamburg solution is high.
THE Hamburg state government is prepared to spend a nine-figure sum as part of the local bidding consortium for Hapag-Lloyd.

The government had already shown its sympathy with the so-called Hamburg solution by joining the actual bidding company with a symbolic €200,000 ($314,000). 

“Interest in the Hamburg solution is high,” said finance minister Michael Freytag. Private investors would have to contribute the major part of the purchase price, he added. 

The tender will be closed on 21 July and Mr Freytag expects the sales process to be completed by the end of September. 

The Hamburg solution has been initiated by banker Christian Olearius and Kuehne+Nagel’s Klaus Michael Kühne. 

The latter had openly called for financial involvement from the Hamburg government. Other sponsors of the group have not yet been revealed.
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