Hapag suitors to hand in bids in late May -sources | Reuters

TUI AG (TUIGn.DE), co-owner of Hapag-Lloyd [HPLG.UL], has asked Chinese group HNA and Oman's Onyx Investments to make binding bids for a stake in the shipping group by late May, three people close to the process said.

While the suitors are currently conducting due diligence, Hapag is simultaneously preparing a prospectus for an initial public offering (IPO) based on first-quarter figures to put pressure on the bidders, one of the sources told Reuters.

But TUI, owner of tour operator TUI Travel (TT.L), may be cutting it fine with initial plans to take Hapag public before the summer lull because it aims to delay until late May its decision on how to dispose of the holding.