Speculation is mounting of an imminent merger of TUI Travel and TUI AG after moves by Norwegian shipping magnate John Fredriksen.
Fredriksen is increasing his shareholding in TUI AG to more than 20% and at the same time selling his entire stake in its TUI Travel subsidiary.
According to Reuters, Fredriksen’s aide Tor Olav Troim said the move would strengthen Fredriksen’s influence in TUI AG should he decide to renew efforts to merge the two companies.
"By increasing our stake in TUI AG we are strengthening our hand in the discussions about the future strategy," Troim said.
"Our goal is to create an integrated tourism group. A merger of TUI AG and TUI Travel Plc is an option".
Earlier this year Fredriksen and Russian tycoon Alexey Mordashov, who owns 25% of TUI AG, had mooted the idea of a nil-premium, all-share merger of TUI AG and TUI Travel to cut costs and strengthen its focus on tourism.
They also discussed a possible tie-up through a so-called "reverse takeover" of TUI AG by TUI Travel.
But TUI AG decided against an offer for the rest of TUI Travel, saying it was not interested at current share prices.
Troim told Reuters that Fredriksen and Mordashov had a very good dialogue, "unlike in the past" and also has "strong faith" in the executive and supervisory boards of both companies.
In 2008 and 2009, Fredriksen had unsuccessfully tried to oust TUI AG’s chairman and called for a replacement of Michael Frenzel as CEO, who resigned earlier this year after 19 years in charge.
