German tour operator TUI sheds its stake in Hapag-Lloyd to focus on tourism

Reuters reports that Europe's largest tourism group TUI Group said on Monday it had sold its stake in container shipper Hapag-Lloyd, bringing to a close plans for the sale of non-core businesses in order to focus on its tourism operations.TUI Group has been investing in more of its own hotels and cruise ships since it was created from the merger of TUI AG and TUI Travel in 2014."The proceeds will be reinvested in the transformation of TUI as the world's leading integrated tourism business, focused on own hotel and cruise brands, and to further strengthen TUI's balance sheet," TUI announced.TUI noted it had agreed on the disposal of its remaining 8.5 million shares at a price near the day's closing share price of Hapag, which was 29.50 euros.Read full report here.RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism reportSource: reuters.com