Tui to dispose of holding in Hapag-Lloyd

Tui to dispose of holding in Hapag-Lloyd

Tui AG is to dispose of its remaining holding in container shipping giant Hapag-Lloyd sparking speculation that it make seek to gain full control of Tui Travel.

Shares in Tui Travel rose as much as 3.8% to 158p in London on the news. German-based Tui AG will tender a 33.3% holding in Hapag-Lloyd to majority owner, Hamburg-based Albert Balin.

Chief executive Michael Frenzel said: “Our exit from container shipping was set down more than three years ago with all partners in the Hamburg-based consortium.

“In the current year, we have already reduced our invested capital by 1 billion euros ($1.3 billion). Exercising our tender right is now the next consistent step.”

Tui AG is the majority shareholder in Tui Travel, Europe’s largest travel group, and is seen as a likely contender to buy out the remaining stake as it seeks expansion in Russia, China and India.

Comments

This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.

More in News