German tourism group TUI said Tuesday it will sell a further 17.4 percent stake in its container shipping unit Hapag-Lloyd to a consortium formed around the northern port city of Hamburg.
TUI is to receive 475 million euros ($625 million) for the holding once the transaction is completed on June 29, leaving the group with 22 percent of the equity in Hapag-Lloyd, a statement said.
Hamburg, the second largest Germany city, and businessman Klaus-Michael Kuehne are part of the Albert Ballin consortium that also includes HSH Nordbank and M.M.Warburg Bank as members.
The consortium owned 50.12 percent of Hapag-Lloyd as of December 30, 2010, according to the shipping company's website.
The move demonstrates that Hamburg, Germany's most important port, is pursuing an interventionist industrial policy aimed at preserving shipping activity and local jobs.
Hapag-Lloyd employs around 7,000 people in the city, and is rebounding after seeing activity slump during the 2009 economic crisis.
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