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TUI avoids IPO as rates fall and investors mull offers for Hapag stakes

Apr 8, 2011 Shipping

GERMAN travel giant TUI is in talks with investors for half of its 49.8 per cent stake in the world's fourth biggest container ocean carrier Hapag-Lloyd.


Oman's state investment fund, Onyx Investment, is to take a 15 per cent of the German carrier according to a company spokesman. No price was given for the deal, according to Reuters. The second potential investor is China's fourth largest air carrier of HNA, which appears interested in 15 per cent.


TUI postponed its initial public offering on April 15 because of market volatility caused by Middle East unrest and Japan's tsunami. But an IPO is no longer favoured at a time of falling freight rates.


In March, TUI planned to sell 11.33 per cent of its take to the Albert Ballin consortium and reduce its overall stake to 38.4 per cent. This would let the consortium, headed by German businessman Klaus-Michael Kuehne and the City of Hamburg to top up its 50.2 per cent share of Hapag-Lloyd.
(Source:http://www.schednet.com)
 

 
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