FRANKFURT (Reuters) - Europe’s largest tourism group TUI Group said on Monday it had sold its stake in container shipper Hapag-Lloyd (HLAG.DE), bringing to a close plans for the sale of non-core businesses in order to focus on its tourism operations.
TUI Group has been investing in more of its own hotels and cruise ships since it was formed from the merger of TUI AG and TUI Travel in 2014.
“The proceeds will 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,” TUI said.
TUI said it had agreed on the disposal of its remaining 8.5 million shares at a price near the day’s closing share price of Hapag, which was 29.50 euros.
Monday’s sale comes on top of the sale of 6 million shares since March.
Combined, TUI has earned about 395 million euros from the sale of the entire stake, a spokesman said.
Reporting by Victoria Bryan; Writing by Tom Sims, editing by David Evans