Albert Ballin will acquire an 11.33% stake in German transportation company, Hapag-Lloyd, The Walls Street Journal reports. Albert Ballin will pay €315 million for the stake to German tour operator, TUI, which will reduce its shareholding from 49.8% to 38.4%. The remaining stake in Hapag-Lloyd is owned by a group, whose members include the city of Hamburg and Klaus-Michael Kuehne. Hanover-based TUI is also seeking to sell up to 30% of Hapag-Lloyd in an initial public offering (IPO), after securing approval from its supervisory board, adds Reuters.
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