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Article: TUI to sell Hapag-Lloyd shipping unit
- Article from:
- AP Worldstream
- Article date:
- October 12, 2008
CopyrightCopyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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German tourism company TUI AG said Sunday it will sell its marine shipping unit Hapag-Lloyd to a consortium of investors in a 4.45 billion (US$6.04 billion) deal.
TUI's supervisory board came to the decision in a special session in Hannover on Sunday.
Investors in the consortium include Klaus-Michael Kuehne, the majority holder of Swiss logistics company Kuehne + Nagel, the city of Hamburg _ where Hapag-Lloyd is based _ and private bank M.M. Warburg.
"We have, despite the adverse market environment, received a fair price for the container shipping operations," said TUI board chairman Michael Frenzel.
TUI said in March that it planned to split off ...