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France wants UN Security Council blessing for international naval patrols empowered to hunt down pirates, even in territorial waters. What do you think?

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Marine Log

April 17, 2008

Fredriksen now largest TUI shareholder

John Fredriksen is now the largest shareholder in Germany's TUI AG.

Yesterday, Monteray Enterprises Ltd., a company indirectly, wholly-owned by John Fredriksen, notified TUI AG and the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) that it has acquired 29.515 million shares in TUI AG, representing approximately 11.747% of the voting rights in TUI AG.

Following this acquisition, Mr. Fredriksen, through Monteray Enterprises Ltd., is the largest shareholder in TUI AG.

Monteray Enterprises Ltd. has also informed TUI AG that it will uphold the request for an addendum to the agenda of the general meeting concerning changes to the supervisory board, filed by Geveran Trading Co. Ltd. and published by TUI AG on April 4, 2008.

Mr. Fredriksen wants to oust TUI board members Juergen Krumnow and Franz Vranitzky. The previous biggest shareholder, Russia's Alexei Mordashov of S-Group Capital investment has been opposed to that change.

Meantime, as we reported yesterday, Mr. Fredriksen may have hit a road block if he plans to extend his holding in another company in which he has a substantial interest, OSG.

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