TUI sells container shipping unit for 4.45 bln eur
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TUI AG said on Sunday it would sell its Hapag-Lloyd container shipping unit for 4.45 billion euros ($6.11 billion), including debt, to a group of Hamburg-based investors, and promised shareholders a special dividend.
Germany-based TUI said that as part of the deal, it would acquire one-third of the new company for 700 million euros.
The value of the deal was broadly in line with expectations.
"Despite an adverse environment, the price we have achieved for container shipping reflects its fair value even under normal market conditions," TUI Chief Executive Michael Frenzel said in a statement.
"Selling only two thirds of Hapag-Lloyd has made this price possible. In addition, our entrepreneurial stake will offer us the opportunity to benefit from the future earnings potential," he added.
Behind the buyer company is a group of Hamburg-based investors led by Klaus-Michael Kuehne -- head of Swiss logistics company Kuehne & Nagel -- and bank M.M. Warburg partner Christian Olearius.
Singapore's Neptune Orient Lines Ltd dropped out of the race to acquire Hapag-Lloyd on Friday.
TUI CEO Frenzel said "the better offer had won the bid in a fair bidding process."TUI said in a statement released after a meeting of its supervisory board on Sunday that the sale would create opportunities to further expand the group's remaining tourism business.
"The options explored in this connection also include a takeover of the outstanding shares in TUI Travel Plc ," TUI said.
TUI also promised shareholders a special dividend as a result of the sale.
Germany-based TUI said that as part of the deal, it would acquire one-third of the new company for 700 million euros.
The value of the deal was broadly in line with expectations.
"Despite an adverse environment, the price we have achieved for container shipping reflects its fair value even under normal market conditions," TUI Chief Executive Michael Frenzel said in a statement.
"Selling only two thirds of Hapag-Lloyd has made this price possible. In addition, our entrepreneurial stake will offer us the opportunity to benefit from the future earnings potential," he added.
Behind the buyer company is a group of Hamburg-based investors led by Klaus-Michael Kuehne -- head of Swiss logistics company Kuehne & Nagel -- and bank M.M. Warburg partner Christian Olearius.
Singapore's Neptune Orient Lines Ltd dropped out of the race to acquire Hapag-Lloyd on Friday.
TUI CEO Frenzel said "the better offer had won the bid in a fair bidding process."TUI said in a statement released after a meeting of its supervisory board on Sunday that the sale would create opportunities to further expand the group's remaining tourism business.
"The options explored in this connection also include a takeover of the outstanding shares in TUI Travel Plc ," TUI said.
TUI also promised shareholders a special dividend as a result of the sale.