A consortium of German investors and the city of Hamburg submitted the highest bid for TUI AG.’s shipping unit Hapag-Lloyd, Frankfurter Allgemeine Zeitung reported, citing no sources.
The consortium also includes Kuehne & Nagel chairman Klaus-Michael Kuehne, MM Warburg co-owner Christian Olearius and former Hamburg city finance senator Wolfgang Peiner.
The offer beat one by Temasek’s Neptune Orient Lines and a bid by an unnamed private equity company, the newspaper said, adding all bids are between 3.5 billion euros and 4.0 billion euros.
Previous reports said the company may drop plans to sell Hapag-Lloyd if offers are below 4.0 billion euros.
TUI has so far not made public how many parties have made bids and how much money the interested parties are offering.