TUI AG: no longer has stake in Germany's Hapag-Lloyd.

(CercleFinance.com) - On Tuesday German travel and tourism group TUI AG announced that its placement of ordinary shares in container shipping company Hapag-Lloyd has been completed, raising net proceeds of 244 million euros.


Prior to this deal, TUI had already sold some shares, making net proceeds of 162 million euros since March 2017, bringing the total net proceeds to 406 million euros.

The total proceeds will be reinvested in the group's transformation as an integrated tourism business that is focused on own hotel and cruise brands, while further strengthening its balance sheet.

After the placement, TUI will no longer have any direct or indirect interest in Hapag-Lloyd.

TUI says that it has now successfully completed its non-core business disposal program.

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