TUI TO SPIN OFF HAPAG-LLOYD
GERMAN travel and transport business TUI says it is spinning of its container shipping business, Hapag Lloyd, and that the company could be sold. It has denied however that talks are currently underway with Singapore-based Neptune Orient Lines.
TUI's chief executive Michael Frenzel has conceded to investors demands to take the shipping business out of TUI and has said Hapag lloyd could be sold within months. But has been quoted as saying: ?There are no talks with NOL but we are open to the company and are waiting to see whether there will be concrete talks.?
A TUI statement said that it would look at all options for Hapag-Lloyd, including a spin-off, merger or sale to an investor.