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Monday August 30, 06:13
WestLB to sell one-third stake in Tui for €900 million

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(by G.Andersen)

WestLB is now ready to sell its one-third stake in Europe’s largest travel group Tui to clean up its balance sheet and sell large shareholdings. Its approximate cost is €900 million; potential buyers are expected to be among Spanish hotel chains.

WestLB is said to have received a letter of intent with an appropriate price. As Tui’s shares ended at €15.62 on Friday, its 31% stake is accounted at €850 million.

“We are in serious talks and they have been going on for some time,” said Chief Executive of the bank Thomas Fischer. The bank suffered losses of €4 billion over the past two years, so it is good chance clean up balance, he added.

Fischer also mentioned that negotiations with a buyer for the bank’s 95% stake in metals trader Klöckner & Co were also in progress.
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