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TUI Sells €315M Hapag-Lloyd Stake
Albert Ballin will acquire an 11.33% stake in German transportation company, Hapag-Lloyd.
Albert Ballinwill acquire an 11.33% stake in German transportation company,Hapag-Lloyd,The Walls Street Journalreports. AlbertBallin will pay €315 million for the stake to German tour operator,TUI,which will reduce its shareholding from 49.8% to 38.4%.
The remaining stake in Hapag-Lloyd is owned by a group, whose members include the city of Hamburg andKlaus-Michael Kuehne. Hanover-based TUI is also seeking to sell up to 30% of Hapag-Lloyd in an initial public offering (IPO), after securing approval from its supervisory board, addsReuters.
Click here for the story fromThe Wall Street Journal.
Click here for additional coverage formReuters.