TUI boss: we are open to a big shareholder

BERLIN (Reuters) – Tourism company TUI is open to a new major shareholder after Russian billionaire Alexey Mordashov has been sidelined by European Union sanctions over Moscow’s invasion of Ukraine, Chief Executive Sebastian Ebel said.

Asked whether TUI was interested in a new shareholder, Chief Executive Sebastian Ebel told journalists on Monday evening:

“The answer is relatively clear – yes.” He did not rule out the possibility of interest from Chinese investors, though made clear this was unlikely.

“We should be careful about saying a Chinese shareholder is evil, or a Russian shareholder,” he said.

Mordashov, who held around 30% shares in TUI, has no access to his investment due to the sanctions and his shares have been transferred to his wife. A planned capital increase will mean his share will decrease significantly.

(Reporting by Jan Schwartz; Writing by Madeline Chambers; Editing by Rachel More)