German national airline Lufthansa has sold its 17.95% stake in travel and tourism firm Hapag Lloyd to Preussag, in the run-up to the creation of a new travel conglomerate in partnership with tour operator NUR.
Lufthansa says that its decision to sell the stake, already agreed by the supervisory board in June, stems from the "strategic re-alignment" of the group's tourist business. In particular, there are plans for its charter subsidiary Condor to enter into a closer relationship with Karstadt Group company NUR.
The alliance of the two will be discussed at Lufthansa and Karstadt board meetings scheduled for 17 September, with a deal possibly creating a new German travel conglomerate. The proposed alliance, reportedly being named C & N Touristic, would be one of the largest charter holiday companies in Europe, competing with the travel giant TUI.
Although Lufthansa declines to confirm these plans, the move is understood to be motivated by a drive to secure a stable flow of tour bookings for Condor. The airline has been concerned by over-capacity and falling seat prices in the German charter market. The world's largest charter operator, UK's Britannia Airways, is now also targeting the market.
Source: Flight International
