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TUI AG completes Hapag-Lloyd sell-off
TUI AG has completed the sale of its remaining 8.5 million shares in container shipping company Hapag-Lloyd AG, raising net proceeds of €244 million.
The group’s separation from the container business achieves TUI’s objective of focusing on its tourism business and leaves it free to concentrate on its own-brand hotel and cruise divisions.
TUI said it is considering a straight cash transaction for the planned acquisition of cruise ships Mein Schiff 1 and Mein Schiff 2 from TUI Cruises GmbH to TUI UK.
The ships will join the UK fleet in 2018 and 2019.
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 program 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 the balance sheet."
Before the sale, TUI AG had already disposed of 6 million shares in individual open market transactions since March 2017.
Including shares already disposed of, TUI raised a total of €407 million and made a profit of about €173 million.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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