Albert Ballin to acquire 17.4% of TUI’s shares in Hapag-Lloyd
TUI AG has announced it will further reduce its stake in Hapag-Lloyd, subject to approval by the shareholders of the Albert Ballin consortium.
The two companies will also terminate the shared hybrid financing scheme. As a result, TUI will receive a cash inflow of €700m by June 30, 2012.
In order to completely exit the container shipping business, TUI will obtain the right to call for an initial public offering (IPO) with priority placement of the shares held by TUI any time as of the end of June 2012. TUI also remains entitled to sell its remaining Hapag-Lloyd shares to third-party investors.
By June 29, 2012, Albert Ballin will acquire a 17.4% stake in Hapag-Lloyd from TUI for a purchase price of €475m. TUI’s stake in Hapag-Lloyd will thus decline to around 22%.
Subject to the terms and conditions of the bonds issued by Hapag-Lloyd in 2010, Hapag-Lloyd will also submit a buyback offer to TUI in April 2013 to repurchase further Hapag-Lloyd shares worth €37.5m in total, so that TUI’s stake in Hapag-Lloyd will decline further.
A company statement from TUI said: "The cash inflow is to be used to further reduce debt and hence enhances the scope in our core business of tourism."
Quelle: eyefortransport
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