Norwegian tycoon and TUI AG shareholder John Fredriksen is likely to have a 75 pct backing of shareholders at the forthcoming AGM, in a vote for his proposal to split up the German company, according to Financial Times Deutschland.
'It is very likely that we will have the required 75 pct majority at the AGM (on May 7),' Frederiksen's spokesman and confidant Tor Olav Troim told the newspaper.
He also confirmed Fredriksen has raised his stake in TUI from 5 pct. He did not give details.
He said if TUI CEO Michael Frenzel does not implement Fredriksen's proposal to break up the company, then the Norwegian billionaire and other shareholders would force the executive to do so.
TUI's businesses comprise tourism and shipping operations. The latter in turn is engaged in container shipping under the umbrella of Hapag-Lloyd AG as well as in luxury cruises in the German-speaking countries through Hapag-Lloyd Cruises.
Troim said in the past few days, Fredriksen has held talks with a series of TUI investors and as secured backings for his proposal to split up Hapag-Lloyd.
Under his proposal, the shipping unit would be spun off as an independent entity and TUI shareholders would them automatically hold shares in Hapag-Lloyd. For this step, approval is required by 75 pct of shareholder votes, the report said.
'It is very likely that we will have the required 75 pct majority at the AGM (on May 7),' Frederiksen's spokesman and confidant Tor Olav Troim told the newspaper.
He also confirmed Fredriksen has raised his stake in TUI from 5 pct. He did not give details.
He said if TUI CEO Michael Frenzel does not implement Fredriksen's proposal to break up the company, then the Norwegian billionaire and other shareholders would force the executive to do so.
TUI's businesses comprise tourism and shipping operations. The latter in turn is engaged in container shipping under the umbrella of Hapag-Lloyd AG as well as in luxury cruises in the German-speaking countries through Hapag-Lloyd Cruises.
Troim said in the past few days, Fredriksen has held talks with a series of TUI investors and as secured backings for his proposal to split up Hapag-Lloyd.
Under his proposal, the shipping unit would be spun off as an independent entity and TUI shareholders would them automatically hold shares in Hapag-Lloyd. For this step, approval is required by 75 pct of shareholder votes, the report said.