TUI AG has said that it will be approaching potential buyers for its Hapag-Lloyd container shipping unit in either late May or early June.

In a letter to shareholders the company said, We have reviewed and selected experienced external advisers to support us, reports Reuters. TUI also said that Deutsche Bank, Citigroup and Greenhill had been chosen as its financial advisors.

TUI added that it had offered John Fredriksen, the Norwegian shipping boss, a place on its supervisory board. Frederiksen currently owns 11.747 per cent of TUI shares and has criticised the company's twin strategy of tourism and container shipping.

Germany