TUI AG still eyes IPO or sale of Hapag-Lloyd stake

By: | at 02:48 PM | Liner Shipping  

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

“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. (Reuters)


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