Fredriksen’s TUI ambitions rebuffed
| Frenzel |
A major shareholder in the tourism conglomerate that owned shipping line Hapag-Lloyd has failed to maneuver his way into the chairman’s position of the company.
John Fredriksen, a Norwegian shipping magnate, was hoping to hold more influence over the tourism giant TUI, which until last fall wholly owned Hapag-Lloyd. A 57 percent share of the line was sold to a consortium of Hamburg businessman, a deal Fredriksen wanted to probe.
For the second year in a row at TUI’s annual meeting of shareholders, he sought to oust Chairman Jurgen Krumnow, and was rebuffed. Shareholders also knocked back his push for an investigation in the Hapag-Lloyd sale.
'It is not the time for fighting, but the time to sit down together at one table to debate representation in the supervisory board,' said TUI’s chief executive Michael Frenzel, according to a report in Lloyd’s List.