Chicago Express Hapag Lloyd containership

TUI AG Not Giving Up Right To IPO Hapag-Lloyd Stake

Reuters
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December 18, 2013

reuters logoFRANKFURT, Dec 18 (Reuters) – The chief executive of TUI AG , a shareholder in German shipper Hapag-Lloyd , said he viewed as positive the talks between the shipper and Chilean rival Compania Sud Americana de Vapores , although TUI would not give up its right to float its remaining stake.

“We want to exit, but we are not under time pressure,” Friedrich Joussen told journalists on Wednesday after TUI AG reported results.

“We will not give up our right to an IPO. A partner is very welcome, but we are waiting to see what happens.”

Vapores and Hapag-Lloyd announced they were in merger talks earlier this month. TUI has long wanted to exit Hapag-Lloyd, in which it still holds a 22 percent stake, because it says the business has no strategic relevance for its travel operations.

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