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TUI may trim Hapag-Lloyd package to encourage sale

TUI may trim Hapag-Lloyd package to encourage sale

Hamburg: Parent group TUI may sell its shipping unit Hapag-Lloyd without its real estate in order to encourage buyers, the Financial Times Deutschland has reported, citing company sources. TUI, which is currently sending its sale prospectus to possible buyers expects at least EUR4 bn ($6.2 bn) from the sale, the newspaper said.

The decision to sell without the real estate would make it easier for a possible buyer to move the unit out of Germany to a more cost-effective country and replace workers. According to media reports, Temasek's Neptune Orient Lines, Danish AP Moeller Maersk and France's CMA CGM are among the interested parties.

A spokesman for TUI declined to comment on the matter, the newspaper said.  [19/06/08]