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Russian tycoon increases stake in TUI

2-Feb-2011 12:29 PM

TUI stated S-Group Travel Holdings, owned by Russian steel tycoon Alexei Mordashov, increased its stake in TUI from 15% to 20.45% in support of the group's plans to focus on tourism (Reuters, 01-Feb-2011). Mr Mordashov said: "We are a strategic investor with a long term interest in the business of TUI. We are convinced of the future growth potential of TUI amid its continuous drive to focus on tourism." TUI plans to sells its stake in shipping company Hapag-Lloyd and focus on its TUI Travel tourism operations. S-Group Travel already has permission from German antitrust authorities to increase its stake in the company to above 25%.