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Article: TUI closes Hapag-Lloyd marine shipping unit sale
- Article from:
- AP Worldstream
- Article date:
- March 23, 2009
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German tourism and marine shipping company TUI AG said Monday it had completed the sale of a minority stake of its Hapag-Lloyd marine shipping unit, valued at around 4.5 billion ($6 billion).
Hannover-based TUI has said it would rather concentrate on tourism and last year said it intended to sell a stake in Hapag-Lloyd, but will remain the largest shareholder with 43 percent.
TUI said Monday it sold the rest to a consortium of buyers called Albert Ballin Holding GmbH & Co. KG, which includes the city of Hamburg, private bank M.M. Warburg and investor Klaus-Michael Kuehne.
Kuehne is the majority holder of Swiss ...