2009-03-26 09:35

TUI completes sale of Hapag-Lloyd to Hamburg Consotium

TUI AG and the Hamburg-based consortium officially closed the sale of Hapag-Lloyd AG to 'Albert Ballin' Holding GmbH & Co. KG. The container shipping company was sold at an enterprise value of 4.45 billion euro and will be operated as an independent shipping company based in Hamburg.

TUI AG holds a 43.33 per cent stake in 'Albert Ballin' and will provide an additional liquidity frame.

TUI CEO Dr Michael Frenzel emphasized that Hapag-Lloyd had shown a positive development during the around twelve years of affiliation to the Group and had risen to fifth place in global container shipping under TUI? leadership.

The Hamburg solution will now provide the shipping company with a stable and reliable shareholder structure.

In extensive but always fair negotiations, we have achieved a good solution for the shipping company, its employees and Hamburg? continued Frenzel.
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