TUI Sets May Deadline for Hapag-Lloyd Bids

TUI, co-owner of Hapag-Lloyd, asked Chinese group HNA and Oman's Onyx Investments to make binding bids for a stake in the shipping group by late May, three people close to the process told Reuters.
While the suitors are currently conducting due diligence, Hapag is simultaneously preparing a prospectus for an initial public offering based on first-quarter figures to put pressure on the bidders, one of the sources told Reuters.
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Source: The Journal of Commerce