BERLIN, Oct 12, 2008 (AFP) - Germany's TUI decided on Sunday to sell its container shipping line Hapag-Lloyd for 4.5 billion euro (6.0 billion dollars), allowing it to focus solely on tourism, according to a statement.

The company's board decided on Sunday to sell Hapag-Lloyd to a consortium based in Hamburg after all the other bidders, most recently Singapore's Neptune Orient Lines (NOL), dropped out of the race.

It is not a complete break, however, as TUI is buying back for 700 million euros a 33 percent stake in the unit, TUI said in a statement.

TUI announced in February that it was looking either to sell Hapag-Lloyd, the world's fifth-biggest shipping firm, or to merge it with another company.

The sale allows it to concentrate on its tourism business, where it is European number one with yearly sales of more than 15.5 billion euros. The shipping division generates revenues of around six billion euros.

TUI said Sunday the sale gave it a 'strong liquidity and financial position, opening up investment possibilities for the further expansion of TUI's tourism possibilities.'

TUI shareholders would also receive a special dividend from the proceeds of the sale, it said.

The prospect of a sale to NOL caused some unease in Germany as it is 66-percent owned by Singapore sovereign wealth fund Temasek Holdings.