Behind every billionaire there is a story!

TUI Investor Fredriksen Bid for Mordashov’s Stake

TUI AG’s biggest shareholder, John Fredriksen, offered to buy the second-largest stake in Europe’s largest tourism company from Alexei Mordashov and demanded Chairman Juergen Krumnow be ousted at today’s investor meeting.Fredriksen will keep his stake even if his proposals are voted down, according to the Norwegian shipping billionaire’s partner, Tor Olav Troim, who spoke to reporters ahead of the AGM in TUI’s home town of Hanover, Germany. Both Fredriksen and Troim want board seats, and TUI Chief Executive Officer Michael Frenzel today said he’s only prepared to offer them one seat.

TUI, which bowed to investor pressure earlier this year and is planning to split off its Hapag-Lloyd shipping line, today reported a narrower loss on increased tourism demand and higher freight rates. Fredriksen and other investors have Frenzel, demanding a faster auction of Hapag. Mordashov, the billionaire owner of Russian steelmaker Severstal Group, supports Frenzel.

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