FRANKFURT, 17 July 2017: German tourism giant TUI said last week it has sold its remaining stake in the shipping firm Hapag-Lloyd, the final stage of a restructuring towards mass-market tourism.
The Hanover-based tour operator raised around 250 million euros (USD284.6 million) after selling 8.5 million shares. It followed TUI’s sale of around six million shares since last March.
The sale means “we have successfully completed selling off all the companies and holdings unrelated to the core activity of the group,” TUI finance director Horst Baier said in a statement.
The group is building itself up as a one-stop shop for flights, hotels, cruises and package holidays for the mass market.
For its part, Hapag-Lloyd merged with Gulf firm United Arab Shipping Company (UASC) earlier this year to form the fifth-largest container shipping group worldwide.
Seaborne cargo firms face choppy waters at present, with downward pressure on prices due to overcapacity.
© Agence France-Presse