TUI Group sells its stake in container shipper Hapag-Lloyd for focusing on tourism

Published on : Wednesday, July 12, 2017

TUI GroupTUI Group Europe’s largest tourism group, TUI Group said that it had sold its stake in container shipper Hapag-Lloyd (HLAG.DE), bringing to a close plans for the sale of non-core businesses for focusing on its tourism operations.

 
TUI Group has been investing in more of its own hotels and cruise ships. TUI said, “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 it had agreed on the disposal of its remaining 8.5 million shares at a price near the day’s closing share price of Hapag, which was 29.50 Euros.

 
Combined, TUI has earned about 395 million Euros from the sale of the entire stake, a spokesman said.

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