Wednesday, May 6, 2009

Infighting at TUI - will this affect Hapag-Lloyd?

There is some infighting between a large shareholder of TUI and the current management. Not only is there a move to oust the current Chairman, there is also a request for investigation regarding information reported during the sale of Hapag-Lloyd.

I don't know is this will affect Hapag-Lloyd, although TUI still owns 43% of Hapag-Lloyd, so I suspect it could.

Probably after an upturn in the market, in a couple of years, TUI will sell off their remaining stake in Hapag-Lloyd.

From Bloomberg

May 4 (Bloomberg) -- TUI AG dissident investor John Fredriksen called on fellow shareholders to support him as he seeks to oust Chairman Juergen Krumnow at the annual general meeting of Europe’s largest tour operator.

He also called on shareholders to vote in favor of a special investigation into the appropriate publication of insider information during the sale of TUI’s Hapag-Lloyd shipping line, according to today’s statement.

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