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. Last Updated: 07/27/2016

Mordashov, 'Tanker King' to Face Off

FRANKFURT -- Russian, Norwegian, Spanish and British shareholders of TUI will fight one another and management at the tourism and shipping group's annual meeting Wednesday, with group strategy at stake.

At center stage are shipping magnate John Fredriksen -- Norway's richest man, dubbed the "tanker king" -- and steel tycoon Alexei Mordashov.

Fredriksen, who owns 11.7 percent of TUI and is the group's biggest shareholder, wants two seats on TUI's supervisory board.

Fredriksen was a major force that led TUI chief executive Michael Frenzel to kill his twin-pillar strategy and decide on separating its tourism business, TUI Travel, Europe's biggest, from its Hapag-Lloyd container shipping unit.

Mordashov, with 10 percent of TUI shares, supports Frenzel and wants to launch a strong tourism business in Russia and the CIS with TUI's help.

He does not support Fredriksen's ambition to win two seats.