Final act in the GL drama

The strategic independence of Germanischer Lloyd (GL) has been saved following a shareholders’ meeting. The executive board of the Hamburg-based classification society announced the successful defence against the hostile takeover bid by Bureau Veritas of France.

The binding purchase offer by the Hamburg entrepreneur Günter Herz, with secure long-term perspectives for the Society, met with the approval of shareholders who were willing to sell. More than 40% of the shares changed hands. The Executive Board of GL has already approved the transfer of these registered shares. Last week, Herz made all shareholders a firm and unconditional offer, with the aim of safeguarding the independence of the Society and the Hamburg location.

With this “Hamburg Solution”, GL will be able to continue its successful business model. Executive board member Rainer Schöndube welcomed this development: “This is definitely the best course of action for our maritime and industrial customers, because they will still be able to rely on our high standard of safety and quality in the years to come.”

For executive board member Dr. Hermann J. Klein, this rapid response will yield only benefits for the customers, employees and shareholders alike. “Now we will be able to concentrate on our real work again: enhancing the safety, quality and profitability of shipping.”

Today, the Executive Board and Supervisory Board convened a second meeting for shareholders to provide further details about the future business development of the Society.