Tui: Through the snow and fog

Tui must be feeling a little sea-sick. The German tourism group’s E4.5bn sale of Hapag Lloyd, its shipping unit, to a Hamburg-based consortium has run into stormy seas. One key investor is reportedly no longer willing or able to raise the funds to participate. The fate of Hapag has been the subject a bitter dispute between Tui’s two billionaire shareholders, Russian steel tycoon Alexei Mordashov and shipping magnate John Fredriksen. Tui finally brokered a truce, agreeing to sell the unit and pay...