„As investors we have a strong affinity for the German-speaking region“
Mr. de Daniel, you transitioned from the supervisory board to the CEO position at Kühne Holding about nine months ago, taking over the operational responsibility from Karl Gernandt. Prior to this, you were the CFO at the Swiss testing and inspection company SGS. What surprised you most about Kühne, and what changes have you made or advanced since taking office?
As a former member of the supervisory board of Kühne Holding, I was already closely familiar with the business, so nothing came as a huge surprise. However, the team at Kühne Holding is very lean and efficient, with just around a dozen people, so the work dynamics are different from those at a large corporation like SGS. Over the past year, we worked on refining our strategy. With the acquisition of Aenova and our investment in Flix, we have made our first two significant investments in private companies, and we expect a lot from them.
If someone were to say that Kühne Holding is accumulating a disparate portfolio of investments worth 35 billion euros, without any internal coherence, what would you say in response?
The opposite is the case. With our investments in Kühne + Nagel, Hapag Lloyd, Lufthansa, Brenntag, and recently Flix, we are one of the largest investors in transportation and logistics. Through their global networks, our investments move goods and people. We have also identified healthcare as another investment sector. Here, we focus on services and medical technology and are actively seeking investment opportunities. In 2024, we acquired 87% of the shares in the German pharmaceutical contract manufacturer Aenova from financial investor BC Partners. We plan to acquire the remaining 13% by mid-2027. We would not consider investing in generic drug manufacturers, nursing homes, or healthcare software.
What strategic goal do you have for the holding as a whole, and how do you plan to achieve it?
Kühne Holding consolidates the entrepreneurial interests of Klaus-Michael Kühne. The goal of our business direction is to further develop and diversify our portfolio. Our actions are focused on generating value and maintaining stability. We want to actively contribute to the development of our investments.
Will there be new additions to the portfolio?
You can expect so. The annual dividends – particularly from the two large investments – will be wisely reinvested according to our business principles. These acquisitions range from an equity value of 350 million to more than 1 billion euros, as illustrated by our investments in Lufthansa and Brenntag. Below this threshold, the impact on the overall portfolio would be too small – even with a strong performance – to warrant significant attention.
A few years ago, when the shipping company Hapag-Lloyd was at risk of being taken over by a new owner from Singapore, a consortium of investors, including the city of Hamburg, prevented this. Klaus-Michael Kühne was at the center of the effort. Since then, he has been asked to help whenever something in his hometown of Hamburg needs saving. That was the case with Rene Benko's Elbtower, and now with Warburg Bank. Are you among the interested buyers of Warburg Bank?
No, definitely not. That doesn’t fit into our portfolio. We are experts in transportation and logistics, which is our core competency. Kühne + Nagel and Hapag-Lloyd focus on the transportation of goods, whereas Lufthansa and Flix mainly provide mobility solutions for people. With the acquisition of Aenova, we are expanding our knowledge in the healthcare sector.
Are there any investments in which you are aiming for an exit, and how would you go about it?
The current portfolio stems from Klaus-Michael Kühne’s successful entrepreneurial decisions. This origin story also means that the majority stake in Kühne + Nagel is the absolute core and foundation of the group’s success, and we will not be parting with it.
Could you see Aenova and Flix going public soon?
We don’t see that for Aenova. Also, for Flix, an IPO isn’t immediately necessary, since the acquisition of 35% of the shares by Kühne Holding and EQT has brought additional equity into the company. It will continue to grow strongly, expand its presence, and invest in new markets, including the rail business. The US is already Flix's most important market, following the acquisition of Greyhound. An IPO in the medium term is a realistic option, and as a long-term investor, Kühne Holding would likely remain as an anchor shareholder in such a scenario.
What are your thoughts on Germany as a business location?
Germany is currently in a difficult position. International competitiveness has suffered not only due to higher energy costs. This needs to be countered with better conditions and swift bureaucratic reduction. Germany has a strong mid-sized sector with good capital resources and well-educated professionals. The automotive industry will shrink significantly. It remains to be seen how these skilled workers can be effectively employed elsewhere. Kühne Holding’s investments are all internationally active and, therefore, not dependent on Germany. But, as investors, we have a strong affinity for the German-speaking region, and that’s where our investment focus lies.
What does President Trump’s inauguration mean for you?
We are obviously closely observing what changes in the US following President Trump’s inauguration. However, our investments each have a leading market position and are globally oriented. Thus, there are many other factors that will influence their development.
Kühne Holding owns 30% of Hapag Lloyd. Is the partnership between Kühne, the family-owned Chilean shipping company CSAV (Compania Sud Americana de Vapores), and the city of Hamburg – sealed in an agreement until 2026 – still as strong as it was when it was first formed?
The alliance is strong and has proven itself over many years. The stable ownership structures are a key advantage in a business that can be very volatile.
The City of Hamburg, which currently holds 13.9% of the shares through its investment company HGV and was involved in the 2014 shareholder agreement to control the majority of the merged company, did not participate in the extension of the agreement between Kühne and CSAV until 2028. What can be concluded from that?
As Kühne Holding, we can’t say much about that. The current agreement is still in place until 2026.
Should the Suez Canal become fully navigable for the Europe-Asia route again, how would transport prices develop, given that container shipping has benefitted from a significant price increase in 2024 due to the crisis in the Red Sea?
A de-escalation around the Suez Canal would mean that ships would no longer have to take the longer route around the Cape of Good Hope. This would definitely have an impact on freight rates.
Do you foresee a scenario with a destructive price war in container shipping, similar to the years after the financial crisis?
Container shipping is a capital intensive business, characterised by high volatility, and thus has both positive and negative phases. Hapag Lloyd is excellently positioned and has a strong balance sheet to successfully weather challenging periods.
You hold 15% of Brenntag. Additionally, two activist investors are involved with the Duisburg-based chemical trading company, calling for its split. What is your goal here?
As a long-term investor, we are focused on sustainable value creation. As a global market leader in an attractive market, we believe the company has significant potential. To realize this potential, especially to strengthen profitability, the first step is to implement an extensive cost-cutting program and focus strongly on operational performance. In the second step, a separation may be useful if it generates additional value.
You hold nearly 20% of Lufthansa. Are you looking to increase your stake?
With nearly 20%, we have reached the desired level of investment, and are represented on the supervisory board with Karl Gernandt.
