8-Dec-2010 11:18 AM

TUI: Preparations underway for a potential IPO of Hapag-Lloyd during 2011

TUI AG executive board and the Hamburgische Seefahrtsbeteiligung “Albert Ballin” GmbH & Co (Albert Ballin) board of directors announced (07-Dec-2010) they are jointly exploring options for a sale of shares in Hapag-Lloyd. The shareholders intend to mandate Credit Suisse, Goldman Sachs and Greenhill to commence preparations for a stock exchange listing. In parallel the search for strategic and financial investors interested in becoming core minority investors in Hapag-Lloyd will be continued. Following the previously announced capital increase through a conversion of hybrid capital, as per the end of the year Hapag-Lloyd will be 50.2% owned by Albert Ballin and 49.8% by TUI. The shareholders are now seeking long-term oriented investors to replace TUI to secure a stable shareholder base for Hapag-Lloyd. [more]