TUI AG

Russian oligarch raises stake in German tourism group

FRANKFURT — German tourim group TUI said on Monday that Russian steel magnate Alexei Mordashov has raised his stake in the firm to 20.a45 percent because he is convinced of the group's growth potential.

"We are convinced of the future growth potential of TUI amid its continuous drive to focus on tourism," Mordashov was quoted as saying in a statement released by the Germany company.

He previously owned 15.03 percent of TUI via the holding company S-Group.

TUI also has interests in the Hapag-Lloyd shipping group, but plans to sell that holding to focus on tourism activities, in particular in Russia.

The news weighed on TUI's shares in early Monday trading, and they showed a loss of 3.18 percent to 9.95 euros, while the MDax index on which they are listed was off by 1.50 percent overall.

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