TUI AG says IPO of Hapag-Lloyd stake more likely than sale

FRANKFURT Wed May 15, 2013 4:41am EDT

FRANKFURT May 15 (Reuters) - TUI AG believes an initial public offering of its 22 percent stake in shipper Hapag-Lloyd is a more probable option than a trade sale, chief executive Friedrich Joussen said on Wednesday.

"An IPO seems to be the right direction, but we would be open for a trade sale," Joussen told analysts. "But if a trade sale were obvious, my telephone would have been ringing."

He said TUI would have "appreciated" a merger between Hapag-Lloyd and rival shipper Hamburg Sued and that TUI would have gone for that option over waiting for capital markets to reach the right conditions for an IPO.

Hapag-Lloyd and Hamburg Sued called off talks to create the world's fourth largest shipper in March. (Reporting by Victoria Bryan; editing by Harro ten Wolde)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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