Tui AG is being tipped to pursue an IPO of its stake in shipping business Hapag-Lloyd after talks to merge the business failed.
Tui had hoped to reach a merger deal with Oetker Group, owners of transport company Hamburg Sug, but the two companies were unable to reach terms, according to reports.
Tui owns 22% of Hapag-Lloyd, but has made it clear that it wishes to focus on its travel businesses.
It sold a 17.4% stake in Hapag-Lloyd to Hamburg-based investor group Albert Ballin in February last year.