Germany's TUI to sell Montreal terminal to cut costs, debt

Germany's TUI is selling its Montreal Gateway Terminals to cut costs and to trim debt, but as yet there are no potential bidders in sight, says a report from The Canadian Press news agency. "I don't know who's buying them, but somebody's interested," said Dominic Taddeo, CEO of the Montreal Port Authority. German travel and shipping company TUI announced it will sell Montreal Gateway Terminals along with some of the smaller ships formerly owned by CP Ships, which it took over last year through its Hapag-Lloyd subsidiary for US$2.1 billion. The asset disposal could lead to several interested buyers, given the recent trend of buyouts of ports, power plants and other infrastructure the news agency said. In November, the Ontario Teachers' Pension Plan announced it would spend US$2.4 billion to buy four North American marine container terminals, including two in British Columbia, from Hong Kong-based OOCL.