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Business

Deutsche Bahn Eyes TUI's VTG Unit

German rail operator, Deutsche Bahn, is interested in buying VTG, the rail logistics unit of tourism giant TUI, as are the French and Swiss rail operators SNCF and SBB, the Financial Times Deutschland reported on Monday. But only Deutsche Bahn chief Hartmut Mehdorn officially confirmed his group's interest in VTG. "The business would fit well strategically," he said. "And we don't want VTG to fall into foreign hands." The paper quoted financial sources as saying that investment funds, including British private equity firm Candover, were also in the running. VTG is estimated to be worth around €500 million ($650 million), but sources did not rule out bids rising as high as €750 million. The unit, which specializes in the transport of oil, petroleum products and chemicals via rail, generated sales of €400 million last year. TUI wants to sell VTG in order to focus on its core tourism and travel businesses.

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