TUI, a holding company with assets in tourism and shipping, has rejected an offer by Kuehne & Nagel International to buy a stake in container shipping company Hapag-Lloyd, according to Capital magazine.

TUI's chief executive Michael Frenzel rejected Kuehne's offer to buy a 10 percent stake in Hapag-Lloyd because he'd prefer to sell TUI's 43 percent stake in big tranches, according to Capital.