HAMBURG, Sept 27 German travel and tourism group
TUI AG will offload its remaining stake in container
shipping group Hapag-Lloyd via an initial public
offering as soon as market conditions allow, its chief executive
Friedrich Joussen said that an IPO of Hapag-Lloyd, in which
TUI holds a 22 percent stake, was not dependent on a run of two
or three quarters with good results, as his predecessor had
often said, and that as soon as the IPO market showed positive
signs, the chance should be seized.
However, given the planned change in management at
Hapag-Lloyd in mid-2014 and continuing tough conditions in the
shipping industry, an IPO was not likely before autumn 2014, he
told journalists in Hamburg on Thursday, in comments set for
release on Friday.
Joussen also said that there was no possibility at present
of TUI AG merging with TUI Travel, Europe's largest
listed tour operator and in which TUI AG owns a 54.48 percent
The two had held talks at the start of this year on a merger
to cut their costly holding structure, but scrapped the plans
due to share price valuations.
TUI Travel on Thursday increased its outlook for the year
after good summer trading but Joussen said the TUI AG outlook
was staying the same.