TUI AG has sold a significant proportion of its stake in shipping container giant Hapag-Lloyd as the company seeks to refocus on tourism.

TUI AG – which operates Tui Travel, the largest tour operator in Europe – presently owns 49.8 per cent of Hapag-Lloyd and is selling an 11.33 per cent stake for €315 million.

The stake in Hapag-Lloyd has been sold to German investment group Albert Ballin.

Further control could be relinquished as part of an initial public offering.

The price of the initial transaction may rise by as much as €35 million if an IPO takes place, providing “certain conditions are met,” according to a statement from the company.

Proceeds from both sales will be reinvested into the tourism business.

Analysts expect TUI AG to take a bigger stake in the FTSE-listed Tui Travel.

The deal will leave Tui AG with a 38.4% holding in Hapag-Lloyd worth €1.71 billion.

Tui Travel

In tourism news, Tui Travel has become the latest operator to add fuel supplements to the cost of flights.

Following the lead of Thomas Cook, Tui Travel will add £15 per person for short-haul, £25 per person for mid-haul and £40 per person for long-haul holidays.

“The final prices will always incorporate these supplements and are actually a fraction of the cost of those of other airlines such as British Airways, who recently increased their fuel surcharges for long-haul passengers by almost 20 per cent – the second such hike in as many months,” added a statement.

“Thomson and First Choice regret the addition of this charge and endeavour to keep these supplements as low as possible.”