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TUI travel giant exits container business to focus on tourism
EUROPEAN travel giant TUI has disposed of all its remaining shares in Hapag-Lloyd, fully exiting from its unhappy foray into the container business.
The disposal of 8.5 million shares took place in an open market block trade. "The revenues will be used for the transformation to an integrated tourism business with the focus in own hotel brands and cruises," said TUI chief financial officer Horst Baier.
In March 2009, TUI sold Hapag-Lloyd, which was its shipping subsidiary, to a group of German investors but retained a 43.3 per cent share. It began divesting this share in 2011, reported Maritime Executive, of Fort Lauderdale, Florida.
The disposal of 8.5 million shares took place in an open market block trade. "The revenues will be used for the transformation to an integrated tourism business with the focus in own hotel brands and cruises," said TUI chief financial officer Horst Baier.
In March 2009, TUI sold Hapag-Lloyd, which was its shipping subsidiary, to a group of German investors but retained a 43.3 per cent share. It began divesting this share in 2011, reported Maritime Executive, of Fort Lauderdale, Florida.
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