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Business

Lufthansa, Allianz, Apax to Float Service Stations

The German insurance giant Allianz, German airline Lufthansa and the private equity firm Apax plan to list shares in their motorway service station joint venture, Tank und Rast, Lufthansa said Thursday. Allianz, Lufthansa and Apax each hold a stake of around 30 percent in Tank und Rast, which operates 338 service stations and 382 motorway restaurants around the country and has annual sales of just over €3 billion ($3.8 billion). Lufthansa has embarked on a program of selling off its non-core activities. It recently sold its US catering business, Chef Solutions, to US investor Questor Partner. (AFP)