Shares in TUI Travel, the FTSE 100 owner of the Thomson and First Choice brands, jumped 21 per cent yesterday after TUI, the German shipping and tourism group that already has a 51 per cent stake, said that it was considering taking the company private.

Analysts said that any offer would have to be pitched at more than 260p a share to be considered by minority shareholders, which would value TUI Travel at about £3 billion, excluding debt. Last night, the shares closed 40p higher at 232p, equating to an equity value of £2.6 billion.

TUI said that it was considering the move after announcing that it had agreed the sale of Hapag-Lloyd, its container shipping division, in a deal worth €4.45 billion (£3.48 billion).

It is selling the business to a subsidiary of Albert Ballin, a consortium that includes the City of Hamburg, although it will immediately reinvest €700 million in buying a 33.3 per cent stake in the new company.

In a statement, TUI said: “The group's strong liquidity and financial situation resulting from the sale will open up investment opportunities for further expansion of TUI's tourism business. The options explored in this connection also include a takeover of the outstanding shares in TUI Travel.”

Rainer Feuerhake, the group's chief financial officer, told analysts that the company would investigate whether there were other, more profitable investments before making a final decision.

Investec Securities said: “We think TUI has ample financial firepower to effect any such deal and that a transaction appears likely if TUI is to continue as a separately listed entity in its own right. We also think any price is likely to be above 260p per share.”

TUI Travel said that it had yet to receive a proposal from TUI, adding: “The board intends to form a committee of independent directors under the chairmanship of Sir Michael Hodgkinson, deputy chairman of TUI Travel and senior independent director, to consider the merits of such a proposal, if one is made.”

The company was created last year from the merger of TUI's travel division and First Choice Holidays, its London-listed rival. The deal created Europe's biggest tour operator, resulted in significant cuts in capacity and huge cost savings.

The merger has helped the enlarged company to emerge mostly unscathed from the turbulence caused by the volatile oil price and dwindling consumer confidence. However, analyst believe that a continuation of the present financial turmoil could prompt holidaymakers to pare back their spending next year.

John Fredriksen, the Norwegian shipping magnate who owns more than 15 per cent of TUI, has frequently called on its board to reject the option of buying out the remaining 49 per cent of TUI Travel.

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