TUI denies federal shareholding talks

TUI denies federal shareholding talks    Germany’s TUI AG, the embattled parent company of Hapag-Lloyd, has denied rumors it is looking to sell shares to either the city state of Hamburg or the state of Lower Saxony.
   “Such negotiations are not intended either,” TUI said in a statement. “Once during the talks, which take place on a regular basis, the TUI board a few weeks ago had informed both federal states about the current situation at the shipping division Hapag-Lloyd as well as at the group.”
   Reports suggest that a number of TUI’s major shareholders have demanded a breakup of the group, and that TUI is looking for friendly investors to help fight a possible hostile takeover.
   A.P. Moller-Maersk, the parent company of the world’s largest container carrier, Maersk Line, has been linked with a takeover of Hapag-Lloyd, ranked number five in the world after TUI’s takeover of CP Ships.
   Last week, Klaus-Michael K'hne, president and majority-owner of Swiss-based freight forwarder K'hne+ Nagel, said in an interview with German newspaper Die Welt that he would be willing to make a personal investment in Hapag-Lloyd to block a foreign takeover. He also suggested a merger between Hapag-Lloyd and rival German carrier Hamburg Sud.
   K'hne is a German national with an estimated fortune of about 3.5 billion euros ($4.4 billion).