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 travel company which owns a stake in container line Hapag-Lloyd AG, jumped the most in almost two months in Frankfurt trading, boosted by gains in shares of Asian shipping companies such as China Cosco Holdings Co. and China Shipping Development Co.
TUI AG, owner of Europe’s largest travel company, may announce an agreement on the sale of part of its stake in Hapag-Lloyd AG on Feb. 15 before the company’s shareholder meeting, Hamburger Abendblatt reported.
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.
TUI AG , the German owner of Europe’s largest travel company, said profit at Hapag-Lloyd boosted its full-year operating result as the company prepares to sell the rest of its stake in the shipping line.