German ocean carrier Hapag-Lloyd has picked Deutsche Bank, Goldman Sachs and Berenberg to assist the company with an initial public offering (IPO), according to reports from several media outlets, including Reuters, the Wall Street Journal and American Shipper.
The Wall Street Journal said choosing banks “indicates that Hapag-Lloyd is accelerating efforts to float a minority stake on the Frankfurt stock exchange as early as this fall, a move it has previously indicated as a goal”.
Reports added that the Hamburg-based container shipping company’s IPO could be valued at the equivalent of R68.75 billion – somewhat lower than the R75bn it was valued at when Neptune Orient Lines was rumoured to be taking over Hapag-Lloyd in 2008. That was also before it acquired the container business of CSAV.
Hapag-Lloyd has declined to comment on the reports.
German line accelerating its public float?
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