GLANCE STOCKS NEWS EUROPE-TUI rises on Hapag-Lloyd unit sale

STOCKS NEWS Reuters Results diary Stocks on the move Real-time Equity News Shares in German travel and shipping group TUI rise 14 percent on Germany's midcap index after the company late Sunday announces to sell two-thirds of its Hapag-Lloyd container shipping unit for 4.45 billion euros ($6.11 billion), including debt, to a group of Hamburg-based investors. 'The disposal of Hapag-Lloyd for 4.45 billion euros is a great success for TUI and the price is much higher than our expectations of 3.4 billion euros,' writes Equinet analyst Jochen Rothenbacher in a note, maintaining its price target of 10 euros per share, while upgrading the stock to 'hold' from 'reduce'. TUI said that as part of the deal, which was broadly in line with expecations, it would acquire one third of the new company for 700 million euros, promising... [read full story]                    

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