TUI AG's (TUI1.XE) chances of an initial public offering for its container shipping unit Hapag-Lloyd in 2011 are good, Chief Executive Michael Frenzel said Tuesday.

"We are convinced that there are excellent options to dispose of our stake in Hapag-Lloyd," the CEO said in Hanover according to the text of his speech.

TUI, a holding company with assets in tourism and shipping, aims to fully divest its stake in Hapag-Lloyd. After a planned capital increase, TUI will hold 49.8% in the company and the Albert Ballin GmbH & Co. KG consortium will hold the remaining 50.2%. It considers a stock listing of the unit or a sale to strategic or financial investors.

Frenzel added the container shipping market is very healthy and currently in an upward trend.

TUI also owns a majority stake in Europe's largest travel company, U.K-.listed TUI Travel PLC (TT.LN).

-By Kirsten Bienk, Dow Jones Newswires; +49 69 29725 500; kirsten.bienk@dowjones.com
TUI Travel (LSE:TT.)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more TUI Travel Charts.
TUI Travel (LSE:TT.)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more TUI Travel Charts.