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TUI Stake In Hapag-Lloyd To Drop To 13.9 Pct

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German travel and tourism company TUI's stake in container shipping company Hapag-Lloyd will drop to 13.9 percent following the latter's tie-up with Chilean peer Compania SudAmericana de Vapores.

TUI, which also controls Europe's largest tour operator TUI Travel, currently owns 22 percent of Hapag-Lloyd, but this will drop first to 15 percent as part of the merger and then to 13.9 percent, because TUI will not participate in a planned capital increase.

TUI, which has long planned to exit shipping, will also get priority placement rights for its remaining stake as part of Hapag-Lloyd's planned stock market flotation in 2015.

(Reuters)

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