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Allen & Overy advises TUI on the sale of its remaining shares in Hapag-Lloyd - net proceeds of EUR 244.4 million


11 July 2017

Allen & Overy LLP has advised the world leading tourism group TUI, which is based in Hanover, in connection with selling its remaining shares (8.5 million) in SDAX-listed Hapag-Lloyd AG, a global market leader in container shipping. This transaction generated total proceeds of EUR 244.4 million. On completion of the sale, TUI will no longer hold a direct or indirect stake in Hapag-Lloyd AG.

The sale is being executed by way of a block trade placed in the market (accelerated bookbuilding). TUI AG had already sold 6.0 million shares in individual transactions via the market since March 2017, generating net proceeds of EUR 162.3 million. The total net proceeds are thus EUR 406.7 million.

The successful block trade marks the completion of the strategic portfolio adjustment programme following the merger with TUI Travel plc in 2014. TUI AG has thus achieved its strategic objective of being a purely vertically integrated tourism group.

The Allen & Overy team comprised partners Marc Plepelits, Dr. Knut Sauer (both Capital Markets, both Frankfurt) and Dr. Helge Schäfer (Corporate, Hamburg), together with counsel Dr. Jonas Wittgens (Corporate, Hamburg), senior associates Simon Weiss and Martin Schmidt (both Capital Markets, Frankfurt) and associate Dr. Moritz Merkenich (Corporate, Hamburg). Partner Stephen Mathews (London) advised on English law issues.

The in-house legal team at TUI AG was led by Gerd Leiding (Head of Capital Markets / Structured Finance Group Treasury & Insurance) and Dr. Hilka Schneider (General Counsel and member of the Group Executive Committee), together with Marcus Beger and Mareike Ackermann (both Group Corporate Law, M&A).




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