Samih Sawiris reaches for FTI Touristik
Samih Sawiris could soon have a majority stake in the FTI tourism group: The German Federal Cartel Office is currently examining an application to this effect.
A change of ownership is on the horizon at FTI Touristik, Europe's third-largest vacation group. According to reports in the German business media, a rescue package put together for the ailing Munich-based company, which is considered to have weak equity, and in which the German federal government, the state of Bavaria and the company's bank Unicredit are participating, also provides for the financial involvement of the shareholders. So far, the family of founder Dietmar Gunz has held about two-thirds of the shares and Samih Sawiris, whose holding company Orascom Development Holding develops the all-year-round holiday destination Andermatt Swiss Alps in Switzerland, has held one-third.
According to a note on the German Federal Cartel Office's website, Sostnt, a Luxembourg-based intermediary company of Sawiris, filed a review request on March 31, 2020, seeking a majority stake and sole control of FTI by the Egyptian billionaire. It is not known with what amounts the respective shareholders of the travel company, which turned over 4.2 billion euros in the past fiscal year, will participate in the rescue operation. (bw)
