TUI Urged to Sell Hapag-Lloyd Share

18 January 2010 (Last Updated January 18th, 2010 18:30)

German entrepreneur Klaus-Michael has asked TUI to sell its holding in Hapag-Lloyd to participate in the consolidation of the container shipping sector. Hanover-based TUI owns 43% of Hapag-Lloyd with the remainder held by the Albert Ballin consortium of investors that includes Kuehne.

German entrepreneur Klaus-Michael has asked TUI to sell its holding in Hapag-Lloyd to participate in the consolidation of the container shipping sector.

Hanover-based TUI owns 43% of Hapag-Lloyd with the remainder held by the Albert Ballin consortium of investors that includes Kuehne.

Last September, the shipping group sought €1.2bn ($1.75bn) in state loan guarantees to recover from the global financial downturn.

Kuehne has also showed interest in raising his own 15% stake in Hapag-Lloyd, reports Reuters.