Hapag-Lloyd deal hit by downturn

The much-touted sale of German box line Hapag-Lloyd is now seems to be hit by the downturn in container business.

According to reports, Albert Ballin Consortium, which won the tender last year, is now pressing for renegotiation of the takeover price with Hapag's parent group TUI.

Hapag-Lloyd was valued at $5.8 billion in the transaction agreement, although the parties are still waiting for approval from the antitrust authorities to close the deal. The changed scenario is prompting investors for a rethink.