My Orchids. Photo ET
In an open letter to ministerial duo Frieden-Wiseler, Cargoforwarder today asked very simple questions about Cargolux, and in doing so, provided insight into some of the underlying correspondence about one of the many possible new partners. I would stress once again, that new capital is even more important than a new partner. Can you get both? The better.
Cargoforwarder's article: http://www.cargoforwarder.eu/article.php?id=192
Cargoforwarder's open letter:
Dear Mr. Wiseler and Mr.
Frieden,
We kindly ask you to reveal the
precise circumstances which made your government decide to choose Qatar Airways
as Cargolux’s stakeholder instead of the HNA Group in June 2011. As documents
prove (see below), the Chinese group’s financial bid exceeded Qatar Airways’
offer by almost 60 million U.S. dollars. Nevertheless, you and your government
opted for the Qatari investor. It would be interesting to know which
considerations motivated your administration to accept the lower bid and to
conclude the contract with Qatar Airways.
It would be also interesting to know
which price you are paying the Gulf carrier for buying back Cargolux’s 35%
stake. Finally, we ask you to reveal which amount HNA will have to submit for
acquiring the shares. Please be assured that your answer will be published in
full length in www.cargoforwarder.eu
Sincerely yours
Heiner
Siegmund
Attachments:
1. Letter of “Cabinet d’Advocats” to
Minister Claude Wiseler
2. Letter of “Cabinet d’Advocats” to an
unnamed addressee
----------------------------------------------------------------------------------------------------------------
Attachment 1:
Cabinet d'Avocats
L-1147 Luxembourg 4, rue de
l’Avenir Tél. (352) 22 36 63 Fax (352) 22 36 62
Jacques-Yves HENCKES PAR PORTEUR
E-Mail
Claudie PISANA
Avocats
Monsieur Claude WISELER Ministre des
Transports
Luxembourg, 24 septembre 2010
Monsieur le Ministre,
Concerne : Prise participation de HNA GROUP dans CARGOLUX
En vue de l’importante réunion prévue pour le 9 octobre à Shanghai je
voudrais vous signaler que les parties discuteront bien entendu du projet sous
son aspect économique et sous son aspect financier.
Quant à l’aspect financier que j’ai discuté avec le CFO (Chief
Financial Officer) de HNA, je veux rappeler que HNA est d’accord à acquérir un MINIMUM
de 33% des actions de Cargolux voire 49% si le gouvernement le souhaite.
…
Quant au prix nous proposons que le prix de vente se fasse sur base
de la valeur des actions au 31 décembre 2010. Une première estimation pourra se
faire en janvier 2011. HNA veut signer contrat de vente des actions en janvier
2011. Le contrat mentionnera que le prix définitif sera fixé à la valeur
des actions telle qu’elle résultera des comptes audités….
For the important meeting scheduled
for 9 October (2010) in Shanghai I
would like to note that the
parties will of course discuss both the economic and financial aspects of the project...
As for the financial matter that I debated with the CFO (Chief Financial Officer) of HNA, I want to reiterate that HNA
has agreed to acquire either a
33% MINIMUM or up to 49% of the
shares of Cargolux, if the government
wishes…
As for the price we propose that the selling price is made on the
basis of the value of the shares at 31 December 2010. A first estimate can be
made in January 2011. HNA wants to sign the contract for the sale of shares in
January 2011. The contract will state that the final price will be determined
according to the value of the shares as result of audited accounts…
Jacques-Yves Henckes
-----------------------------------------------------------------------------------------------------------------
Attachment 2:
Cabinet d'Avocats
L-1147 Luxembourg 4, rue de
l’Avenir Tél. (352) 22 36 63 Fax (352) 22 36 62
Jacques-Yves HENCKES
Claudie PISANA
Catherine THILL-KAMITAKI
Sabine DELHAYE-DELAUX
Avocats
Luxembourg, le 6 juin 2011
Cher …,
Concerne: Prise de participation de HNA dans
CARGOLUX
Concernant la participation de HNA dans CARGOLUX
HNA a offert d’acheter les actions Cargolux sur la base des comptes
de 2010. Cargolux étant évaluée à 500 millions d’USD le prix offert pour 35 %
des actions est de 175 millions d’USD.
Par ailleurs durant les négociations HNA a offert de faire un prêt de
100 millions d’USD à un taux de
2% l’an à Cargolux. Ce prêt était accordé avec l’aide de la Banque centrale de
Chine qui a donné un accord de principe à ce sujet, pour une durée à discuter.
Le but était de réduire les frais de CARGOLUX et d’augmenter sa rentabilité.
Ces offres sont toujours valables....
HNA has offered to buy the Cargolux shares based on their 2010 value.
(At that time) Cargolux’s total value was estimated at $ 500 million. So the
price offered for 35 percent of the shares is 175 million USD.
Moreover, during the negotiations HNA offered a loan of 100 million USD at a rate of 2% per annum to Cargolux. The loan was granted with the help of the Central Bank of China. (The bank) has in principle agreed to this subject, for a period to be specified. The goal was to reduce costs and increase Cargolux’s profitability.
These offers are still valid…
Moreover, during the negotiations HNA offered a loan of 100 million USD at a rate of 2% per annum to Cargolux. The loan was granted with the help of the Central Bank of China. (The bank) has in principle agreed to this subject, for a period to be specified. The goal was to reduce costs and increase Cargolux’s profitability.
These offers are still valid…
Enjoy
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