One institutional shareholder said he feared Tui AG might be using the turmoil to press home its agenda at Tui Travel, with the ultimate goal of buying out minority investors "with a lowball offer". Tui AG last month appointed advisers to pursue a flotation of the Hapag-Lloyd shipping line, in which it holds a major stake. Many analysts believe the proceeds are likely to be used to buy those shares in Tui Travel that Tui AG does not already own.