TUI AG – a group under pressure from the capital market. A workforce fights successfully against the break-up of its company

Alexandra Krieger
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Alexandra Krieger: Head of economics reporting, Department for the promotion of co-determination, Hans Böckler Foundation

Transfer: European Review of Labour and Research, 2009, vol. 15, issue 2, 251-270

Abstract: For years, TUI AG was pressured by active shareholders to concentrate on its core business - tourism - and break free from the shipping company Hapag-Lloyd AG. For five years, by constantly adopting new group restructuring measures, the Board managed to fend off the shareholders' demand. Then, in 2008, it finally opted to sell, triggering an unprecedented fight by the workforce to prevent the company from being sold to Asia. In the end, dogged persistence, strategic skill and sheer courage enabled the Board to pull off something that virtually everyone had written off as impossible: Hapag-Lloyd was sold to a Hamburg-based consortium and the associated jobs remained in Hamburg.

Keywords: shareholder activism; private equity; hedge funds; capital markets (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:sae:treure:v:15:y:2009:i:2:p:251-270

DOI: 10.1177/102425890901500207

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