Hapag-Lloyd shipping share listing delayed: reports
The public listing of shares in the German shipping group Hapag-Lloyd that was to take place in April has been delayed until at least the end of May, press reports said Wednesday.
Hapag-Lloyd's owners, the tourism company TUI and a consortium of investors based in Hamburg, northern Germany, said in December they were getting ready to sell stock in the company this year.
The operation, set to be one of the biggest public listings in several years on the Frankfurt stock exchange, was said by media reports to be scheduled for April 15.
Factors such as the Japanese and Libyan crises have intervened in the meantime however and heightened mareket volatility, forcing a delay, business dailies Handelsblatt and Financial Times Deutschland said, quoting sources close to the matter.
Hapag-Lloyd was hit by the global economic crisis in 2009 but has bounced back as global trade picked up again last year.
© 2011 AFP