German travel giant TUI's stake in container shipping company Hapag-Lloyd will shrink to 13.9 per cent with the merger with Chilean carrier Compania Sud Americana de Vapores (CSAV), Reuters reports.
The merger, which still must win regulatory approval, between CSAV and Hapag-Lloyd would create the world's fourth biggest container shipping company, after Maersk, MSC and CMA CGM.
TUI owns 22 per cent in Hapag-Lloyd, which will fall to 15 per cent at point of merger and then to 13.9 per cent because TUI will not join the planned capital increase.
TUI, which has long sought to shed its shipping interests, will also get priority placement rights for its remaining stake as part of Hapag-Lloyd's planned stock market flotation in 2015.
The merger, which still must win regulatory approval, between CSAV and Hapag-Lloyd would create the world's fourth biggest container shipping company, after Maersk, MSC and CMA CGM.
TUI owns 22 per cent in Hapag-Lloyd, which will fall to 15 per cent at point of merger and then to 13.9 per cent because TUI will not join the planned capital increase.
TUI, which has long sought to shed its shipping interests, will also get priority placement rights for its remaining stake as part of Hapag-Lloyd's planned stock market flotation in 2015.