UPDATE 1-Hapag-Lloyd cuts price range for planned listing
* Price range now 20-22 eur vs previous 23-29 eur
* Shareholder TUI reduces amount it is willing to sell
* Hapag-Lloyd to offer more shares from capital increase (Adds statement from TUI, background)
BERLIN, Oct 30 (Reuters) - Germany's Hapag-Lloyd lowered the price range for its shares in its initial public offering and raised the number of new shares offered from a capital increase after shareholder TUI cut the number of shares it was willing to offer.
The shipping company had earlier this month trimmed the planned volume of the IPO but a profit warning from peer Maersk due to worse-than-expected overcapacity in the industry rocked already wobbly markets last week.
Hapag-Lloyd said on Friday shares would now be offered at between 20 and 22 euros ($21.98-$24.18) apiece, down from a previous range of 23-29 euros.
Shareholder TUI was previously planning to offer up to 2.3 million existing shares, plus another 1.9 million to cover potential over-allotments.
It said on Friday it would now only offer the shares for the over-allotment option.
Hapag-Lloyd therefore increased the amount of shares it will offer from a capital increase to up to 13.2 million, in order to make sure it will still achieve gross proceeds of approximately $300 million. Continuación...