Tui Group completes disposal of Hapag-Lloyd shipping shares

Tui Group completes disposal of Hapag-Lloyd shipping shares

Tui’s transformation into a pure travel group was completed yesterday with the long-expected disposal of its interest in Hapag-Lloyd’s container shipping business for more than €400 million.

Europe’s largest travel group said it had agreed on the disposal of its remaining 8.5 million shares for €244.4 million.

The sale comes on top of the disposal of 6 million shares since March for €162.3 million.

Combined, Tui has earned about €406.7 million by offloading the entire stake.

The company also confirmed that Tui UK is to acquire the German-based Tui Cruises’ ships Mein Schiff 1 and Mein Schiff 2 in 2018 and 2019 as a straight cash transaction, with the vessels then joining the British fleet.

Tui Group chief financial officer Horst Baier said: “By disposing of all of its remaining Hapag-Lloyd AG shares Tui AG successfully concludes its non-core business disposal programme as defined after the merger between Tui AG and Tui Travel PLC in December 2014, achieving its strategic objective to transform Tui AG into a pure play vertically integrated tourism group.

“As announced the revenues will be used for the transformation to an integrated tourism business with the focus in own hotel brands and cruises and in strengthen[ing] the balance sheet.”

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