Monday January 14, 09:36 AM
Leisure group TUI mulls Hapag-Lloyd integration
FRANKFURT (AFP) - European leisure and transport firm TUI (Xetra: TUAG00 - news) is mulling the full integration of its maritime transport unit Hapag-Lloyd into the parent group to protect it from hostile takeover bids, a press report said Monday.
TUI would also move its headquarters from the northern German city of Hanover to the port of Hamburg, where Hapag-Lloyd is based, the Financial Times Deutschland said.
"The main goal is to prevent a separation of maritime transport (activities) from the rest of the group," it quoted TUI boss Michael Frenzel as saying in a letter that called supervisory board members to a January 23 meeting.
If the plan is approved, it could end chronic speculation about a break-up of TUI, but disappoint investors that disagree with how Frenzel is running the company.
"The maintanence and reinforcement of our core activity ... of maritime transport is a priority," the head of TUI was quoted as saying.
TUI reaffirmed recently that it remained "attached to its two pillars, tourism and maritime transport".
A company spokesman contacted by the Financial Times Deutschland declined to comment.
Frenzel has been head of TUI for 13 years, but faces stiff criticism from US investor Guy Wyser-Pratte and others.
In November, Frenzel's contract was nonetheless extended until March 2012.
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