Fredriksen increases stake in Hapag-Lloyd parent

TUI AG, the parent company of Hapag-Lloyd, said tanker tycoon John Fredriksen has informed it that he now owns more than 15 percent of the voting shares of the company's stock.

Fredriksen chief executive officer of the tanker company Frontline, said he holds the voting rights through several companies he controls. He has been highly critical of the leadership of TUI chairman Juergen Krumnow and tried to gain two seats on the TUI board earlier this year.

After sharp criticism by Fredriksen and other shareholders, TUI has announced plans to sell or spin-off Hapag-Lloyd, the world's fifth-largest container liner company. 

Source: American Shipper