Fredriksen increases stake in Tui; shareholders agree dividend

Source: Supply Chain Digital

Date :10/06/2008 13:57:44

The Norwegian shipowner and John Fredriksen has increased his stake in the German container shipping and tourism group.

Fredriksen, one of Tui AG’s largest shareholders, has increased his stake from 11 percent to just under 15 percent, people familiar with the situation said.

He is thought to have bought the new shares from Neuberger Berman, part of Lehman Brothers, which already supported his campaign.

Dividend

Meanwhile, Fredriksen and Alexei Mordashov, have agreed that money raised in a sale of the company's Hapag-Lloyd shipping unit should be given out as a shareholder dividend, according to the Norwegian daily newspaper Dagens Naeringsliv.

Fredriksen and Russia's Mordashov, who owns 10 percent of Tui, have agreed that a 'significant' part of the estimated €5 billion raised from the sale should be handed back

Fredriksen narrowly failed to have Juergen Krumnow, Chairman of the TUI supervisory board unseated at last month's annual meeting.