Russian billionaire Mordashov might double TUI stake: report

0 Comments | AFP, April, 2008

FRANKFURT (AFP) — Russian billionaire Alexei Mordashov might raise his stake in TUI, the leading European tourism operator, to 20 percent to gain influence and ensure it expands through acquisitions, a press report said Tuesday.

Mordashov supports TUI management's plans to split shipping unit Hapag-Lloyd from the company and focus on tourism, the business daily Handelsblatt said, citing sources within the financial industry.

TUI declined to comment on the matter, the newspaper said.

Last week, Mordashov raised his stake in the company to just above 10 percent from five percent and said he planned to launch a joint venture with TUI on the Russian market.

Major shareholders are gearing up for a much-anticipated general assembly on May 7 and the latest...