FRANKFURT, Jan 4 (Reuters) - Travel group TUI on Monday said German regulator BaFin has exempted a consortium backed by Russian billionaire Alexey Mordashov from making a compulsory takeover offer for the company, easing the path for a bailout of the travel operator.
In early December TUI secured a multibillion-euro bailout with the German government, private investors and banks after the COVID-19 pandemic wiped out its revenue.
Mordashov, who is already TUI’s largest shareholder, owning 25% of the company, backed capital measures which would raise his stake to 36% on the condition that BaFin, the German markets watchdog, exempted him from launching a full takeover.
The deal also paves the way for Germany’s economic support fund to take a non-voting stake in the form of a so-called silent participation.
Reporting by Edward Taylor and Ilona Wissenbach; editing by David Evans