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April 5, 2011, 8:04 a.m. EDT

TUI Preparing Hapag-Lloyd IPO

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FRANKFURT—German holding company TUI /zigman2/quotes/206714402/delayed DE:TUI1 -4.48% AG said Tuesday it is advancing preparations for the initial public offering of container shipping company Hapag-Lloyd AG while seeking an anchor investor for the company at the same time.

It declined to comment on a report in the Frankfurter Allgemeine Zeitung late Monday saying TUI is in talks to sell up to 30% of its 38% stake in Hapag-Lloyd to Oman's state-owned Onyx Investments Ltd. and China's HNA Group Co. According to a Reuters report, an official at Onyx confirmed the company has taken a 15% stake in Hapag-Lloyd.

Neither Onyx nor HNA Group, which is the parent of Shanghai-listed Hainan Airlines Co. (600221.SH), could immediately be reached for comment.

Hapag-Lloyd's other owners, the Albert Ballin consortium—which includes logistics entrepreneur Klaus-Michael Kuehne and the city of Hamburg as well as insurers and banks—are closely involved in the sales process and in principle wouldn't have objections to either of the potential investors taking a stake, the FAZ article stated, citing "well informed sources."

/zigman2/quotes/206714402/delayed
DE : Germany: Frankfurt
3.24
-0.15 -4.48%
Volume: 125,918
Sept. 18, 2020 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€282,968
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