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Tui chief secures Russian alliance
29.11.2007 16:27
http://us.ft.com/ November 19, 2007 By Gerrit Wiesmann in Frankfurt
Michael Frenzel, chief executive of Tui, appears to have scored another victory over an investor keen to oust him, by winning Russian billionaire Alexei Mordashov as a shareholder for the German travel and shipping group.
Mr Frenzel said the 3 per cent stake held by Mr Mordashov, who controls Russian steelmaker Severstal, was the foundation of a "partnership" that would "open new opportunities" in Russia and increase the value of Tui stock.
S-Group Capital, an investment company acting for Mr Mordashov, said the stake was "a first step" to establishing closer ties with the company's management - a statement Tui advisers saw as a hint that the Russian's stake could grow.
The statements indicated that Mr Mordashov must be counted as the newest member of a group of pro-Frenzel shareholders that Tui officials in September estimated to control upwards of 20 per cent of the company's stock.
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