A consortium of Hamburg businessmen won the race to acquire the prestigious shipping company Hapag Lloyd. The consortium, which was backed by the Hamburg city council, bought Hapag Lloyd for €4.4 billion. The consortium was the only bidder left after the other contender, Singapore`s Neptune Oriental Lines (NOL) had allowed its bid to lapse. Hapag Lloyd`s CEO Michael Behrendt promised employees that all jobs would remain safe.

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