TUI Group separates from the container business - shares in Hapag-Llyod AG disposed
TUI AG agreed on the disposal of all its remaining shares in Hapag-Lloyd AG (8.5m shares). The disposal took place in an open market block trade (Accelerated Book Building) to a guaranteed minimum price close to today’s market closing. Prior to this trade TUI AG had already disposed 6.0m shares in individual open market transactions since March 2017.
Horst Baier, TUI Group CFO: “By disposing of all of its remaining Hapag-Lloyd AG shares TUI AG successfully concludes its non-core business disposal program as defined after the merger between TUI AG and TUI Travel PLC in December 2014, achieving its strategic objective to transform TUI AG into a pure play vertically integrated tourism group. As announced the revenues will be used for the transformation to an integrated tourism business with the focus in own hotel brands and cruises and in strengthen the balance sheet.”
For 2018 and 2019 TUI AG is contemplating to structure the intended cruise ship acquisitions of “Mein Schiff 1” and “Mein Schiff 2”by the British subsidiary TUI UK from TUI Cruises GmbH as a straight cash transaction. TUI UK will then take over “Mein Schiff 1” and “Mein Schiff 2” from TUI Cruises into their British fleet.
TUI AG previously accounted for its shareholding in Hapag-Lloyd AG as a financial asset available for sale. As at 31 March 2017 the carrying value was €395.0m in TUI AG’s consolidated balance sheet.
About the TUI Group
TUI Group is the world’s number one integrated tourism group operating in around 180 destinations worldwide. The company is domiciled in Germany. The TUI Group’s share is listed in the FTSE 100 index, the leading index of the London Stock Exchange and in the German open market. In financial year 2015/16, TUI Group recorded turnover of €17.2bn and an operating result of €1.001bn. The Group employs 67,000 people in more than 100 countries. TUI offers its 20 million customers comprehensive services from a single source. It covers the entire touristic value chain under one roof. This comprises leading tour operator brands and 1,600 travel agencies in Europe, five European tour operator airlines with approximately 150 medium and long-haul aircraft, more than 300 Group-owned hotels and resorts with premium brands such as Riu and Robinson. With cruise ships ranging from the MS Europa and MS Europa 2 luxury class vessels to the Mein Schiff fleet of TUI Cruises and the vessels of Thomson Cruises in the UK, TUI is also strongly positioned in the growing cruise sector. Global responsibility for sustainable economic, ecological and social activity is a key feature of our corporate culture. TUI has joined the UN Global Compact and, as the only tourism group, it is listed in the renowned Dow Jones Sustainability Index (DJSI) World. Further information is available at www.tuigroup.com (http://www.tuigroup.com/)
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
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