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TUI Group has agreed on the disposal of its remaining 8.5 million shares in Hapag-Lloyd, traded in an open market block trade.

Ahead of this deal, the group had already parted with six million shares since March.

While noting that the revenue will be used to help the company’s transformation into a integrated tourism business with a focus on hotels and cruises, Horst Baier, chief financial officer, TUI Group, explained, “By disposing of all of its remaining Hapag-Lloyd shares, TUI successfully concludes its non-core business disposal programme as defined after the merger between TUI and TUI Travel in December 2014, achieving its strategic objective to transform TUI into a pure play vertically integrated tourism group.”