Sailing into disaster
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PART OF Kuehne und Naga Germany's biggest privet, transport firm, is up for sale ti meet obligations arising from ; disastrous venture inti shipping.
The Group, which operate! worldwide, emplwoys 8,50( people and last year had k turnover of £600m, but in 197( chairman Klaus-Michae founded a shipping firm with z base in Panama.
Almost from the start, his si) vessels ran up losses and ir 1978 he was obliged to begin selling well under the purchase price. The total loss of this venture is put at about £30m, most of which has been covered by loans from 23 banks. Now the Kuehne family which founded the firm in 1890, urgently needs about £23m to repay the loans.
Kuehne and Nagel, whose value is assessed at around f:40m is now looking for a partner who will buy a major stake in the firm.