Tui Group AG has disposed of the remaining 8.5 million shares in container business Hapag-Lloyd on the open market in Germany.
Horst Baier, Tui group chief finance officer, said: “By disposing of all of its remaining Hapag-Lloyd AG shares, Tui AG successfully concludes its non-core business disposal programme as defined after the merger between Tui AG and Tui Travel PLC in December 2014, achieving its strategic objective to transform Tui AG into a pure play vertically integrated tourism group.
“As announced, the revenues will be used for the transformation to an integrated tourism business with the focus in own hotel brands and cruises and in strengthening the balance sheet.”
The transaction follows the disposal of six million shares in individual open market transactions since March 2017. As of March 31, the value of this stake was put at €395 million.
Tui AG also confirmed the acquisition of the cruise ships Mein Schiff 1 and 2 from the German operation during 2018 and 2019. Mein Schiff 1 will sail as Tui Explorer from next year, based in Palma.
