TUI AG’s second largest investor, John Fredriksen, is to sell 15.7% of his shares in the company.
The Norwegian shipping magnate spent €83 million on increasing his stake in TUI AG to 20% in November. Since then shares have risen by a third.
TUI AG said the shares will be acquired by executive board members Friedrich Joussen and Horst Baier, Spanish hotel chain RIU Group, and other institutional investors.
Following completion of the offering, Fredriksen’s company, Monteray Enterprises, will have a 4.4% stake in TUI AG.
Fredriksen had previously been a shareholder in TUI Travel, but sold his shares in November, at the same time he increased his stake in TUI AG.
Reuters said Fredriksen bought the shares for an average price of €10.37 in November. Shares closed yesterday at €13.75.
