BaFin Looks Into TUI Transactions

Germany's financial services regulator BaFin is looking into recent moves in the share price of TUI, Europe's largest tourism group, for evidence of possible manipulation and insider trading, Sabine Reimer, a spokeperson for the oversight body, announced on Tuesday. "We have been looking closely into the transactions for several days now," Reimer told the German newspaper Tagesspiegel. Though the investigation was part of a routine analysis, if evidence of wrongdoing was found, said Reimer, it could be the first step towards formal proceedings. TUI has been the subject of speculation in recent weeks, with rumors of a hostile takeover rife after the US investment bank Morgan Stanley announced it had acquired 10.1 percent of TUI's shares. The price of shares dropped 23 cents on Tuesday, or 1.5 percent, to €15.55 ($19.21), helping to contribute to a slide in the DAX Index of 0.5 percent.