TUI Cancels Hapag-Lloyd IPO

The world's leading tourism and travel group TUI announced on Tuesday that it will not float logistics unit Hapag-Lloyd on the stock market. The current unfavorable stock market conditions persuaded the company to withdraw from its plan for an initial public offering. Originally, TUI had planned to list 49 percent of Hapag Lloyd on the stock market in the second half of this year. TUI had also no plans to sell Hapag-Lloyd to any investors, the group said in a statement. A recently successful reduction of its debt via a series of divestment, made the need for a flotation of its shipping subsidiary less urgent.