Preussag<.> plans to acquire all of the remaining shares in Hapag-Lloyd AG, Hamburg/Bremen, still in the hands of minority shareholders. This step rounds off the acquisition in 1998 of the majority shareholding in Hapag-Lloyd.

After acquiring a 99.1 per cent holding in the equity from major shareholders, a purchase offer to the remaining shareholders and the subsequent integration of VTG-Lehnkering raised the stake to 99.6 per cent.

This purely technical procedure does not reflect any change in our strategy of holding the Hapag-Lloyd AG logistics group within the Group. It is just the logical conclusion of the complete takeover of Hapag-Lloyd planned in 1998, says Dr. Michael Frenzel, Preussag AG executive board chairman.

The acquisition of the remaining shares now planned will take place as a squeeze out of the minority shareholders in return for an appropriate cash reimbursement. The legislation which permits the implementation of this procedure came into force in January 2002. The administrative overheads can also be reduced because it will then no longer be necessary to look after the minority shareholders who together only hold a total of around 11,000 shares.