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TUI AG places remaining Hapag-Lloyd AG shares

11 July 2017 07:26

TUI AG has completed the placement of all its remaining 8.5m ordinary shares in Hapag-Lloyd AG, raising net proceeds of €244.4m.

Following settlement of the sale, TUI AG would no longer have any direct or indirect interest in Hapag-Lloyd AG.

Prior to this trade, TUI AG had already disposed of 6.0m shares realising net proceeds of €162.3m in individual open market transactions since March 2017, bringing the total net proceeds realised to €406.7m.

As previously outlined in TUI's full year results, the total proceeds would be reinvested in the transformation of TUI as the world's leading integrated tourism business, focused on own hotel and cruise brands, and to further strengthen TUI's balance sheet.

In this context, TUI AG was contemplating to structure the intended cruise ship acquisitions (currently operated as Mein Schiff 1 and Mein Schiff 2) by TUI UK from TUI Cruises GmbH (50% JV with RCCL) in 2018 and 2019 as a straight cash transaction.

TUI AG previously accounted for its shareholding in Hapag-Lloyd AG as a financial asset available for sale, with a carrying value of €395.0m as at 31 March 2017. The disposals were expected to result in a book profit of approximately €172.7m in the financial year ending 30 September 2017.

Through the disposal of its remaining stake in Hapag-Lloyd AG, 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, thereby achieving its strategic objective to transform TUI AG into a pure play vertically integrated tourism group.

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