John Fredriksen, the second-biggest investor in travel operator TUI AG, cut his stake as the German company shifts away from the shipping industry that’s the focus of the Norwegian billionaire’s assets.
Hedge funds have added short positions in TUI AG in the past month, after the owner of Europe’s largest tour operator rose to its highest price in more than five years, as investors wait for a turnaround program initiated by its chief executive officer to boost earnings.
IVG AG fell the most since September 2001 in Frankfurt trading after the German property investor missed its 2012 profit forecast and said it won’t pay a dividend. The shares dropped as much as 21 percent.
Deutsche Lufthansa AG, Europe’s second-biggest airline, will combine short-haul operations outside its main Frankfurt and Munich hubs with the Germanwings low-cost unit as part of a cost-reduction effort.
Hapag-Lloyd AG, Germany’s biggest container shipping line, chose the head of A.P. Moeller-Maersk A/S’s freight-forwarding arm to succeed Chief Executive Officer Michael Behrendt next year as the company attempts to steer its way out of an industry crisis.