TUI Travel Says Fredriksen’s Monteray Increases Stake to 4.03%

TUI AG (TUI1) shareholder John Fredriksen raised his stake in the German company’s TUI Travel Plc (TT/) tourism unit to 4.03 percent.

The Norwegian billionaire’s Monteray Enterprises Ltd. owns almost 45.2 million shares of TUI Travel, Europe’s biggest tour operator, the Crawley, England-based company said today in a statement. Monteray notified TUI Travel in January that it owned 37 million shares, or about 3.3 percent of the stock.

Fredriksen is building his stake because he considers the tourism company as undervalued, his aide Tor Olav Troim said last month. The investor, who is chairman of Frontline Ltd., the world’s biggest supertanker operator, owns about 15 percent of TUI AG.

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