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TUI open to new majority shareholder following resignation of sanctioned Russian billionaire

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Tui has reported record revenue in its half-year results, not long before it take flight from London markets for Germany.
Tui has reported record revenue in its half-year results, not long before it take flight from London markets for Germany.

TUI admitted it was looking for a new majority shareholder, 10 months after EU sanctions forced the resignation of Alexei Mordashov.

Vladimir Putin ally and Russian billionaire Alexei Mordashov became a target of Europe’s sanctions against Moscow following Russia’s invasion of Ukraine in March 2022.

The sanctions meant TUI was left scrambling for a new shareholder; Mordashov had been a shareholder in the travel giant for 15 years.

When asked about whether company was interested in gaining a new majority investor, TUI’s chief executive Sebastian Ebel told German journalists that “the answer is relatively clear – yes.”

The billionaire – whose net worth has plummeted by over 54 per cent to $13.2bn (£10.8bn) over the past year – made the headlines in late March when he transferred his £1.3bn stake in TUI to his wife.

Mordashov’s wife, Marina Mordashova, was sanctioned by the EU a few months later.

This means that neither of them can access their shares or exercise their voting rights. 

TUI made the headlines last month when it posted a positive EBIT worth €409m (£361m) – up from a €2bn loss a year prior. 

Nevertheless, the British-German tourism powerhouse remained in the red, reporting an overall all of €212.6m, with earnings per share also in minum figures.

TUI is set to release its 2023 first quarter results on 14 February.

TUI declined to comment further.