TUI open to new majority shareholder following resignation of sanctioned Russian billionaire
TUI admitted it was looking for a new majority shareholder, 10 months after EU sanctions forced the resignation of Alexei Mordashov.
Vladimir Putin ally and Russian billionaire Alexei Mordashov became a target of Europe’s sanctions against Moscow following Russia’s invasion of Ukraine in March 2022.
The sanctions meant TUI was left scrambling for a new shareholder; Mordashov had been a shareholder in the travel giant for 15 years.
When asked about whether company was interested in gaining a new majority investor, TUI’s chief executive Sebastian Ebel told German journalists that “the answer is relatively clear – yes.”
The billionaire – whose net worth has plummeted by over 54 per cent to $13.2bn (£10.8bn) over the past year – made the headlines in late March when he transferred his £1.3bn stake in TUI to his wife.
Mordashov’s wife, Marina Mordashova, was sanctioned by the EU a few months later.
This means that neither of them can access their shares or exercise their voting rights.
TUI made the headlines last month when it posted a positive EBIT worth €409m (£361m) – up from a €2bn loss a year prior.
Nevertheless, the British-German tourism powerhouse remained in the red, reporting an overall all of €212.6m, with earnings per share also in minum figures.
TUI is set to release its 2023 first quarter results on 14 February.
TUI declined to comment further.