Hapag-Lloyd AG, Germany’s biggest container shipping line, chose the head of A.P. Moeller-Maersk A/S’s freight-forwarding arm to succeed Chief Executive Officer Michael Behrendt next year as the company attempts to steer its way out of an industry crisis.
TUI AG, the owner of Europe’s largest travel company, rose in Frankfurt trading after saying it will sell a stake in Hapag-Lloyd and may dispose of its remaining holding in the shipper in an initial public offering.
TUI AG, the German owner of Europe’s largest travel company, said its executive board resolved to sell most of its stake in the Hapag-Lloyd AG container-shipping business to majority owner Albert Ballin.
European Union governments agreed to curb so-called naked short-selling of government bonds and stocks, while Germany said the group should have gone further and banned credit default swaps tied to the debt.
TUI AG’S sale of a one-third stake in Hapag-Lloyd AG is nearing completion, Die Welt reported, citing an interview with German billionaire Klaus Michael Kuehne, a member of the Albert Ballin investment group seeking to buy the stake.