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TUI and NOL hold further talks over Hapag-Lloyd sale

TUI and NOL hold further talks over Hapag-Lloyd sale

Singapore: German tourism and shipping group TUI has held talks with Singapore owner Neptune Orient Lines (NOL) over TUI's container shipping unit Hapag-Lloyd, an industry source told Reuters.

The companies established contact after a TUI supervisory board meeting in mid-March that agreed to split up the group, the source, who is familiar with the situation, told Reuters. Hapag-Lloyd is being split from TUI's other activities.

Equity analysts have said that a merger between Hapag-Lloyd and NOL would make sense and could generate synergies as NOL's focus is on trans-Pacific routes, while Hapag-Lloyd is more focused on trans-Atlantic and Asia-Europe routes.  [03/04/08]