TUI AG Eyes IPO, Sale of Hapag-Lloyd

Posted by Joseph Keefe
Thursday, August 14, 2014

TUI AG is still open to a sale or flotation of its stake in container shipping company Hapag-Lloyd , its management said on Thursday.

"Whichever comes first at a decent price, we will go for it," Chief Financial Officer Horst Baier told analysts after the group reported third-quarter results.

Hapag-Lloyd is merging with Chilean shipper Vapores . After the closing of the deal, expected in autumn, and a capital increase, in which TUI will not take part, TUI's share of Hapag-Lloyd will fall to 13.9 percent.

TUI has long been looking to exit container shipping in order to focus fully on tourism.

 

Reporting by Victoria Bryan

Maritime Reporter February 2014 Digital Edition
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