Feb. 11 (Bloomberg) -- TUI AG, owner of Europe’s largest travel company, may announce an agreement on the sale of part of its stake in Hapag-Lloyd AG on Feb. 15 before the company’s shareholder meeting, Hamburger Abendblatt reported.
TUI, which owns 38.4 percent of Hapag-Lloyd, plans to “significantly” reduce its holding while continuing to retain a stake in the shipping company, the newspaper said, citing unidentified people familiar with the discussions.
TUI may retain as much as 20 percent of Hapag-Lloyd, Hamburger Abendblatt said. Hamburg-based Albert Ballin’s investment group, which owns 61.6 percent, probably will increase its stake, the newspaper reported.
“We are in good and advanced talks with the Hamburg consortium,” said Robin Zimmermann, a spokesman for TUI AG.
All parties may be informed about the details of the plan this weekend and TUI’s supervisory board and the Hamburg senate may meet on the evening of Feb. 14, the newspaper said. TUI’s shareholder meeting is due to start at 10:30 a.m. on Feb. 15.
-- Editor: James Kraus
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