TUI, the German tour operator that owns Hapag-LIoyd, has surprised the market by unveiling stronger interims than forecast, and doing it one week ahead of schedule on 5 August. TUI has been in the limelight since Morgan Stanley, the US investment bank, told the company and the Frankfurt bourse late last month that it controls more than 10% of its equity. Hostile takeover bids are not very popular in Germany. Morgan Stanley's move immediately raised the question whether one was coming. Breaking up the group could release values locked in a conglomerate where the bulk of the business comes from tourism, a business that targets consumers. But the business also includes the highly profitable shipping company Hapag-Lloyd, which caters for corporate customers save for its four cruise liners.
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