Fredriksen and confidant Tor Olav Troim want to oust TUI board members Juergen Krumnow and Franz Vranitzky. The billionaire has tabled a motion on the proposal for the May 7 annual meeting, TUI's Web site shows. Mordashov, who owns about 10 percent of TUI, opposes plans to oust any supervisory board members.
Chief Executive Officer Michael Frenzel gave in to two years of investor pressure in March and said TUI will separate its Hapag-Lloyd shipping line from its travel unit. Mordashov agrees with Fredriksen on the strategy to dispose of Hapag, said Irina Pchelova, who speaks for the Russian billionaire's S-Group Capital investment company. Fredriksen, the chairman of oil-tanker owner Frontline Ltd., is seeking a buyer for Hapag-Lloyd, newspapers have reported. Mordashov wants to cooperate with TUI on travel.
Normal Communication'
S-Group feels comfortable with its stake in TUI and has no plans to increase it,'' Pchelova said. Mordashov has normal communication'' with other big shareholders and seeks good relationships'' between investors, she added.
TUI spokesman Robin Zimmermann declined to confirm the increase in Fredriksen's stake, saying TUI hadn't yet been officially informed. A call to Troim seeking further comment wasn't returned.
TUI rose 30 cents, or 1.7 percent, to 17.72 euros at 12:26 p.m. in Frankfurt trading, the biggest advance in Germany's benchmark DAX Index. That followed yesterday's 5.2 percent advance on a Reuters report that Neptune Orient Lines Ltd. may merge with Hapag. The stock has dropped 7.4 percent this year, rebounding from a slide of as much as 36 percent.
Supervisory board members supporting Frenzel still have a majority in the board,'' Hans-Peter Kuhlmann, an analyst at Landesbank Baden-Wuerttemberg in Stuttgart, Germany, said by telephone. Kuhlmann has a hold'' rating on the shares.
Fredriksen was worth about 55.6 billion kroner ($11.2 billion) at the end of 2007, making him Norway's richest man ever, according to Kapital magazine. The billionaire, who has taken Cypriot citizenship and resides in London's Chelsea district, turned Frontline into the world's biggest operator of supertankers, and has invested his wealth into areas such as oil rigs, salmon farming and dry bulk.