Russian steel tycoon Alexei Mordashov is poised to raise his 20.45% stake in German travel giant Tui AG over the next 12 months.
The parent company of Tui Travel said it had been informed by Mordashov and his S Group Travel Holding company that he would not use his shareholding to try to appoint or unseat board members.
The Russian, who already has approval from German antitrust authorities to take its stake to over 25%, told Tui he sees the investment as strategic. Mordashov is Tui’s largest shareholder and has previously said he approves of the group’s plan to focus on its tourism operations carried out via London-listed tour operator Tui Travel.
Tui is tipped to be preparing an initial public offering of its stake in container shipping group Hapag-Lloyd before Easter the proceeds of which are expected to be used to up its stake in Tui Travel plc.