Norwegian investor John Fredriksen has bid for Russian steel magnate Alexey Mordachov's 10 percent stake in German travel and shipping group TUI in order to change its strategy, a press report said on Wednesday. "Mr. Fredriksen, who owns around 15 percent of TUI, is 'very interested' in the 10 percent owned by Mr. Mordachov and made him a new and higher offer," a top aide to the Norwegian, Tor Olaf Troim, told the Frankfurter Allgemeine Zeitung newspaper. Troim added that the Russian owner of the Severstal group "is still considering the offer."
Mordachov has declined previous offers and is considered an ally of TUI boss Michael Frenzel and his strategy of selling the group's Hapag-Lloyd shipping unit to concentrate on tourism, where TUI is a European leader.
Fredriksen, who made a fortune in the container shipping sector, challenges such a move and demands that shareholders be consulted on the matter.
The Norwegian has proposed that each activity be run separately, with investors able to decide whether to back one or both units.
He has also called for Frenzel's resignation, noting that TUI has lost much of its value during his 14-year reign.
Mordachov has declined previous offers and is considered an ally of TUI boss Michael Frenzel and his strategy of selling the group's Hapag-Lloyd shipping unit to concentrate on tourism, where TUI is a European leader.
Fredriksen, who made a fortune in the container shipping sector, challenges such a move and demands that shareholders be consulted on the matter.
The Norwegian has proposed that each activity be run separately, with investors able to decide whether to back one or both units.
He has also called for Frenzel's resignation, noting that TUI has lost much of its value during his 14-year reign.