Russian Mordashov buys bigger TUI stake: company

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Russian steel magnte Alexei Mordashov has raised his stake in the German tourism group TUI to 20.a45 percent because he is convinced of the group's growth potential, TUI said Monday,

"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.

© 2011 AFP

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