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

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