GERMANY - Speculation was realised today with WestLB announcing it has sold its 31.3% stake in TUI to Deutsche Bank, which plans to sell 14% to institutional investors in Europe and the US.
The amount for which the stake was sold is being kept under wraps.
Announcing the sale, WestLB said: “The purchaser plans to place the shares in the market and with strategic investors. Both parties agreed not to disclose details of the terms of the transaction.”
WestLB chairman of the managing board, Thomas R. Fischer said: “It was our declared aim to place our TUI shares in responsible hands at an appropriate price before the end of this year.
“This has now been achieved in full. The sale of TUI means that we are now a good deal closer to our objective of concentrating on our core banking business.”
Deutsche Bank has stated that it will sell 17.3% to a consortium that includes the Spanish company RIU and the remaining 14% to institutional investors in Europe and the US.
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