TUI AG, the holding company of the Hapag-Lloyd container shipping company, says its supervisory board has given the go-ahead to examine a merger of its Hamburg-based shipping division with TUI itself.
A statement from the TUI group said that "based on current scheduling, the earliest occasion on which a resolution can be adopted concerning this matter is at the supervisory board meeting March 17. In this connection, the relocation of holding-company functions to Hamburg will also be considered".
The announcement came one day after a Reuter's report (dated January 22) said that TUI AG's CEO Michael Frenzel is expected to discuss the plan to merge the holding company with Hapag-Lloyd at a supervisory board meeting next week, so as to prevent a potential takeover of TUI's shipping unit, citing comments by sources "close to the situation".
The report added that Mr Frenzel is also likely to announce an investment of EUR2.6 billion (US$3.75 billion) in Hapag-Lloyd over the next five years.
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