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Issue #589

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New York Ports

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2014 Media Kit
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TUI AG says not giving up right to IPO Hapag-Lloyd stake

By: | at 05:19 AM | Liner Shipping  

FRANKFURT, Dec 18 (Reuters) - The chief executive of TUI AG, a shareholder in German shipper Hapag-Lloyd, said he viewed as positive the talks between theshipper and Chilean rival Compania Sud Americana de Vapores, although TUI would not give up its right to float itsremaining stake.

“We want to exit, but we are not under time pressure,“Friedrich Joussen told journalists on Wednesday after TUI AGreported results.

“We will not give up our right to an IPO. A partner is verywelcome, but we are waiting to see what happens.”

Vapores and Hapag-Lloyd announced they were in merger talksearlier this month. TUI has long wanted to exit Hapag-Lloyd, inwhich it still holds a 22 percent stake, because it says thebusiness has no strategic relevance for its travel operations.