Hermes to vote against TUI's Krumnow -paper

Fri May 2, 2008 11:06pm BST
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FRANKFURT (Reuters) - Britain-based asset manager Hermes will vote for TUI AG's (TUIGn.DE: Quote, Profile, Research) supervisory board chief Juergen Krumnow to leave the Anglo-German tourism and container shipping company, a Hermes director told Frankfurter Allgemeine Zeitung.

Hans-Christoph Hirt said he would back Norwegian shipping magnate John Fredriksen, TUI's biggest shareholder who has pressed for a demerger of the company, to become a member of TUI's supervisory board.

Fredriksen wants two seats on TUI's supervisory board and wants Krumnow and another board member to step down. TUI has offered him one seat on the board.

"We will vote out Krumnow if there is no short-term agreement," Hirt said.

Hermes has been among outspoken critics of TUI's strategy.

Fredriksen holds about 12 percent of TUI which will hold a shareholders' meeting on May 7, while Hermes has about 0.6 percent.

Fredriksen has opposed the company's twin-pillar strategy of shipping and tourism and has won round the company to spinning off Hapag-Lloyd.

TUI shares ended up 0.3 percent on Friday.

(Reporting by Mantik Kusjanto; Editing by David Holmes)

 
 

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