Portal
Home
Calendar
Gallery
FAQ
Search
Register
Log inStormy scenes at German shipping and tourism giant TUI
Stormy scenes at German shipping and tourism giant TUI
by Outspoken on Wed May 07, 2008 9:34 pm
Stormy scenes at German shipping and tourism giant TUI
by Aurelia End
AFP News Service
HANOVER, Germany (AFP) - A shareholders' meeting of Germany's TUI turned into a stormy affair on Wednesday as a Norwegian billionaire sought to chart a new course for the shipping and tourism giant.
Norwegian shipping magnate John Fredriksen, TUI's biggest shareholder, kicked off hostilities at the packed meeting in the northern German city of Hanover with a shot across the bows of the blue chip firm's management.
Through his spokesman Tor Olav Troim, Fredriksen attacked the recent decision by TUI management to split its Hapag-Lloyd shipping activities into a separate entity and to explore either a spin-off, a sale or a merger.
TUI chief executive Michael Frenzel told the annual general meeting that TUI aimed to reach a deal on Hapag-Lloyd "swiftly," with the preferred method being a sale to an investor.
According to reports, TUI has been in talks to sell Hapag-Lloyd to Singapore's Neptune Orient Lines, which may offer as much as six to seven billion euros (nine to 11 billion dollars) for the world's fifth biggest shipping line.
But Troim said TUI should first focus on developing Hapag-Lloyd's business and then merge with another shipping line.
Roundly applauded by shareholders, he also said that by deciding to grant Russian billionaire Alexei Mordashov a seat on the supervisory board the management had violated the rights of shareholders.
Mordashov -- who in recent months has built up a 10-percent stake in TUI against 11.7 percent for Fredriksen -- sees things differently and is viewed as an ally of Frenzel, supporting the decision to seek a swift sale of Hapag-Lloyd.
His background is in tourism and he has said he wants to launch a joint venture with TUI on the fast-growing Russian tourism market.
http://news.yahoo.com/s/afp/20080507/bs_afp/germanytraveltourismshippingcompanyearningstui_080507162240;_ylt=AvcIsf8HO7dX5.DkAtmKX2es0NUE
by Aurelia End
AFP News Service
HANOVER, Germany (AFP) - A shareholders' meeting of Germany's TUI turned into a stormy affair on Wednesday as a Norwegian billionaire sought to chart a new course for the shipping and tourism giant.
Norwegian shipping magnate John Fredriksen, TUI's biggest shareholder, kicked off hostilities at the packed meeting in the northern German city of Hanover with a shot across the bows of the blue chip firm's management.
Through his spokesman Tor Olav Troim, Fredriksen attacked the recent decision by TUI management to split its Hapag-Lloyd shipping activities into a separate entity and to explore either a spin-off, a sale or a merger.
TUI chief executive Michael Frenzel told the annual general meeting that TUI aimed to reach a deal on Hapag-Lloyd "swiftly," with the preferred method being a sale to an investor.
According to reports, TUI has been in talks to sell Hapag-Lloyd to Singapore's Neptune Orient Lines, which may offer as much as six to seven billion euros (nine to 11 billion dollars) for the world's fifth biggest shipping line.
But Troim said TUI should first focus on developing Hapag-Lloyd's business and then merge with another shipping line.
Roundly applauded by shareholders, he also said that by deciding to grant Russian billionaire Alexei Mordashov a seat on the supervisory board the management had violated the rights of shareholders.
Mordashov -- who in recent months has built up a 10-percent stake in TUI against 11.7 percent for Fredriksen -- sees things differently and is viewed as an ally of Frenzel, supporting the decision to seek a swift sale of Hapag-Lloyd.
His background is in tourism and he has said he wants to launch a joint venture with TUI on the fast-growing Russian tourism market.
http://news.yahoo.com/s/afp/20080507/bs_afp/germanytraveltourismshippingcompanyearningstui_080507162240;_ylt=AvcIsf8HO7dX5.DkAtmKX2es0NUE
"Music is a moral law. It gives soul to the universe, wings to the mind, flight to the imagination, and charm and gaiety to life and to everything."
Plato (427-347 BC)
Plato (427-347 BC)
