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TUI disposes of Hapag-Lloyd stake

TUI disposes of Hapag-Lloyd stake

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German tourism firm TUI Group has sold its stake in Hapag-Lloyd, with the money raised from the sale to be reinvested in its core business. TUI, which years ago mulled bidding to take over the Hamburg containerline, is selling its remaining 8.5m Hapag-Lloyd shares for a price of around EUR29.50 per share. It sold another 6m shares in the line in March.

“The proceeds will be reinvested in the transformation of TUI as the world’s leading integrated tourism business, focused on own hotel and cruise brands, and to further strengthen TUI’s balance sheet,” TUI said.

Hapag-Lloyd’s shareholding is complex, thanks to its many mergers of late. CSAV has the largest stake, followed by the Hamburg government and Klaus Michael Kuhne after which a mix of Middle Eastern sovereign funds makes up the next set of significant shareholders in the wake of the German line’s merger with UASC.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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