Spanish Group RIU Slashes Shares from TUI

Spain-based hotel chain RIU cut down on its shares in TUI Co. from 9.9 to 5.1 percent as Deutsche Bank, Germany´s largest private bank, put out a roll of bonds at a fixed price of $26.30 each, a move that sent TUI´s stocks spiraling down.

The Spanish group had presented itself as a strategic shareholder with long-run plans in mind. Its arrival was welcome news for the German tour operator that was at the time eager to put an end to long months of speculations about the coming of RIU.

But the Hanover-based company insists RUI´s watered-down pie share can still be construed as a long-term strategy, quite an understatement for uneasy stockholders who see their shares skidding helplessly.

RIU had partnered with fellow Spanish companies Caja de Ahorros del Mediterraneo and the Matutes Group, holders of 4.9 and 2.4 percent of TUI´s shares, respectively.